Question 2 (Accounting for share issuance and dividend):

Sky Ltd., started on January 1, 2021, was authorized to issue 1,500,000 ordinary shares.

During the fiscal year ending December 31, 2021, the following transactions were completed in the order given.

(1) January 1	1,000,000 ordinary shares were issued for cash at $20.
(2) March 15	15,000 ordinary shares were exchanged for 60,000 Soda Corporation's shares. At that date, Skys ordinary share were trading at $22 per share in the Hong Kong Stock Exchange, while Soda Corporation was still an unlisted company. As investment banker placed the estimated value of the Sodas share as $6 per share.
(3) October 20	Soda became a listed company and its share was trading at $7 per share. On the same day, Sky declared and paid a property dividend in which it distributed all its investment in Sodas shares. (Assume that Sky has sufficient retained profits for dividend)

Required:

Prepare the journal entries to record all the transactions for Sky Ltd in 2021.