Question ONE 100 Marks (5 entries x 20marks each) APEX Corp. was organized on January 1, 2015. It is authorized to issue 40,000 shares of 6%, $100 par value preference shares, and 300,000 shares of ordinary shares with a par value of $2 per share. The following share transactions were completed during the first year. Jan. 10 Issued 60,000 ordinary shares for cash at S7 per share. Mar. 1 Issued 10,000 preference shares for cash at $120 per share. Apr. 1 Issued 25,000 ordinary shares for building. The asking price of the building was $100,000; the fair value of the building was $80,000. May 1 Issued 80,000 ordinary shares for cash at $7 per share. Aug. 1 Issued 10,000 ordinary shares to lawyer in payment of their fees of $50,000 for services rendered in helping the company organize. Instructions Prepare the journal entries to record the above transactions