Holimont Ltd (HL) has unlimited no par common shares authorized The following transactions took place in the first year To record authorization of shares by board of directors (memorandum) Issued 260,000 shares at $60 collected cash in full and issued the shares Share issue costs amounted to $51,000 Treat this amount as a reduction of the common share account Received subscriptions for 130,000 shares at $70 per share collected 70 of the subscription price The shares will not be issued until collection of cash in full Issued 500 shares to a lawyer in payment for legal fees related to trademark registration The lawyer estimates that the legal services provided would have been worth $35,000 Issued 52,000 shares and assumed an $364,000 mortgage in total payment for a building with a fair value of $728,000 Collected balance on subscriptions receivable in (c) Required 1 Journalize the above transactions (If no entry is required for a transaction event, select No journal entry required in the first account field )

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Posted on Jul 16, 2024

Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year: To record authorization of shares by board

Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year:

To record authorization of shares by board of directors (memorandum).
Issued 260,000 shares at $60; collected cash in full and issued the shares. Share issue costs amounted to $51,000. Treat this amount as a reduction of the common share account.
Received subscriptions for 130,000 shares at $70 per share; collected 70% of the subscription price. The shares will not be issued until collection of cash in full.
Issued 500 shares to a lawyer in payment for legal fees related to trademark registration. The lawyer estimates that the legal services provided would have been worth $35,000.
Issued 52,000 shares and assumed an $364,000 mortgage in total payment for a building with a fair value of $728,000.
Collected balance on subscriptions receivable in (c).

Required: 1. Journalize the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)