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Gao Corporation was organized on January 1, 2014. It is authorized to issue 10,800 8%, HK$1,002 par value preference shares, and 540,700 no-par of ordinary shares with a stated value of HK$27 per share. The following share transactions were completed during the first year.

Question 7 Gao Corporation was organized on January 1, 2014. It is authorized to issue 10,800 8%, HK$1,002 par value preference shares, and 540,700 no-par of ordinary shares with a stated value of HK$27 per share. The following share transactions were completed during the first year. Jan. 10 Issued 105,000 of ordinary shares for cash at HK$68 per share. Mar. 1 Issued 5,900 preference shares for cash at HK$1,076 per share. Apr. 1 Issued 17,200 ordinary shares for land. The asking price of the land was HK$1,020,000. The fair value of the land was HK$928,000. May 1 Issued 80,900 ordinary shares for cash at HK$41 per share. Issued 11,400 ordinary shares to attorneys in payment of their bill of HK$367,000 for services provided in helping the company organize Aug. 1 Sept. 1 Issued 11,400 ordinary shares for cash at HK$45 per share. Nov. 1 Issued 2,580 preference shares for cash at HK$1,095 per share. w (a) Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Deblt Date Account Titles and Explanation Credit Jan. 10 Mar. 1

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