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Novak Limited was organized on January 1, 2020. It is authorized to issue 13,000 824, HK$1,000 par value preference shares, and 494,000 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 Mar 1 Issued 77,500 ordinary shares for cash at HKS 48 per share. Issued 5,750 preference shares for cash at HK$1,050 per share $. 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. Apr. 1 Ma 1 1 Issued 75,000 shares of ordinary shares for cash at HK$46 per share Aus 1 Issued 10,000 ordinary shares to attorneys in payment of their bill of HK$943,000 for services provided in helping the company organize. Sapt 1 Issued 11,500 ordinary shares for cash at HK$50 per share. Nov. 1 Issued 2,000 preference shares for cash at HK$1,060 per share. Your answer is partially correct Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually) ste Account Titles and Explanation Debit Credit Jan 10 V Cash Share Capital-Ordinary Share Premium-Ordinary Mar. 1 V Cash Share Capital Preference Share Premium-Preference Apr. 1 V Land Share Capital-Ordinary Share Premium-Ordinary May 1 V Cash Share Capital-Ordinary Share Premium-Ordinary Aug. 1 V Organization Expanse Share Capital-Ordinary Share Premium-Ordinary Sept 1 V Cash Share Capital-Ordinary Share Premium-Ordinary Now. 1 V Share Capital-Preference Share Premium-Preference List of Accounts Post to the equity accounts. (Post entries in the order of journal entries presented in the previous part.) Share Capital-Preference Date Explanation Ref. Debit Credit Balance Me 1 V J5 Nov. J5 Share Capital-Ordinary Date Explanation Ref. Debit Credit Balance Jan 10 J5 Apr1 V V J5 Me 1 V V J5 Aug 1 V J5 Sept 1 J5 Share Premium-Preference Date Explanation Ref. Debit Credit Balance Me 1 J5 Nov. 1 V J5 Share Premium-Ordinary Date Explanation Ref. Debit Credit Balance Jan 10 V J5 Apr1 V J5 May V J5 Aust V J5 Sept 1 J5 List of Accounts Your answer is incorrect Prepare the share capital section of the statement of financial position at December 31, 2020. NOVAK LIMITED Statement of Financial Position (Partial) December 31, 2020 Equity HKS Share Capital-Preference Share Capital-Ordinary Share Premium Preference Share Premium-Ordinary Total Share Capital HKS List of Accounts