Novak Limited was organized on January 1, 2020. It is authorized to issue 13,000 8%, HK$1,000 par value preference shares, and 484,000 no-par ordinary shares with a stated value of HK$20 per share. The following share transactions were completed during the first year. Jan. 10 Issued 77,500 ordinary shares for cash at HK$48 per share. Mar. 1 Issued 5,750 preference shares for cash at HK$1,050 per share. Apr. 1 May 1 Aug. 1 Sept. 1 Nov. 1 Issued 19,000 ordinary shares for land. The asking price of the land was HK$1,000,000. The fair value of the land was HK$932,000. Issued 75,000 shares of ordinary shares for cash at HK$46 per share. Issued 10,000 ordinary shares to attorneys in payment of their bill of HK$343,000 for services provided in helping the company organize. Issued 11,500 ordinary shares for cash at HK$50 per share. Issued 3,000 preference shares for cash at HK$1,060 per share.