P11-1A Gão Limited was organized on January 1, 2017. It is authorized to issue 10.000 8%, HK$1,000 par value preference shares, and 500,000 no-par ordinary shares with a stated value of HKS20 per share. The following share transactions were completed during the first year. Jan. 10 Mar. 1 Apr. 1 May 1 Aug. 1 Issued 100,000 ordinary shares for cash at HK$48 per share, Issued 5,000 preference shares for cash at HK$1,050 per share. Issued 18,000 ordinary shares for land. The asking price of the land was HKS980,000. The fair value of the land was HK$920,000. Issued 80,000 ordinary shares for cash at HK$45 per share. Issued 10,000 ordinary shares to attorneys in payment of their bill of HK$320,000 for services provided in helping the company organize. Issued 10,000 ordinary shares for cash at HK$50 per share. Nov. 1 Issued 1,000 preference shares for cash at HK$1,060 per share. Sept. 1 al Journalize the transactions b) post to the equity accounts (use J5 as the posting refrence) prepare the share capital section of the statement of financial position at december 31, 2017

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Question: P11-1A Gão Limited Was Organized On January 1, 2017. It Is
Authorized To Issue 10,000 8%, HK$1,000 Par Value Preference Share...
P11-1A Gão Limited was organized on January 1, 2017. It is authorized to issue 10,000
8%, HK$1,000 par value preference shares, and 500,000 no-par ordinary shares with a
stated value of HK$20 per share. The following share transactions were completed during
the first year.
Life
Search
Issued 100,000 ordinary shares for cash at HK$48 per share.
Issued 5,000 preference shares for cash at HK$1,050 per share.
Issued 18,000 ordinary shares for land. The asking price of the land was
HK$980,000. The fair value of the land was HK$920,000.
Show transcribed i
Expert Answ
Issued 80,000 ordinary shares for cash at HK$45 per share.
Issued 10,000 ordinary shares to attorneys in payment of their bill of
HK$320,000 for services provided in helping the company organize.
Issued 10,000 ordinary shares for cash at HK$50 per share.
Issued 1,000 preference shares for cash at HK$1,060 per share.
a) Journalize the transactions
b) post to the equity accounts (use J5 as the posting refrence)
c) prepare the share capital section of the statement of financial position at december 31, 2017
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Transcribed Image Text:Ⓒ O D O H < UB Unblockit - Proxies to acce X C Solved P11-1A Gão Limited X b Home | bartleby C (4) How to study fo... Dropbox- 1st B.tec... (10) Lil Jaico - Toma Dropbox - 1st B.tec... (10) Lil Would you like to make Opera GX your everyday browser? How do I do that? www.chegg.com/homework-help/questions-and-answers/journalize-transactions-b-post-equity-accounts-use-j5-posting-refrence-c-prepare-share-cap-q90903484 Jaico-Toma (17) Liverpool reacti... (1) How To Study fo... (6) HABITS of SUCC... AMARIA BB - Slow... Type here to search MARM O x + Chegg Books Jan. 10 Mar. 1 Apr. 1 May 1 Aug. 1 Sept. 1 Nov. 1 Study Career Find solutions for your homework business/accounting / accounting questions and answers/p11-1a gão limited was organized on january 1, 2017, it is... Question: P11-1A Gão Limited Was Organized On January 1, 2017. It Is Authorized To Issue 10,000 8%, HK$1,000 Par Value Preference Share... P11-1A Gão Limited was organized on January 1, 2017. It is authorized to issue 10,000 8%, HK$1,000 par value preference shares, and 500,000 no-par ordinary shares with a stated value of HK$20 per share. The following share transactions were completed during the first year. Life Search Issued 100,000 ordinary shares for cash at HK$48 per share. Issued 5,000 preference shares for cash at HK$1,050 per share. Issued 18,000 ordinary shares for land. The asking price of the land was HK$980,000. The fair value of the land was HK$920,000. Show transcribed i Expert Answ Issued 80,000 ordinary shares for cash at HK$45 per share. Issued 10,000 ordinary shares to attorneys in payment of their bill of HK$320,000 for services provided in helping the company organize. Issued 10,000 ordinary shares for cash at HK$50 per share. Issued 1,000 preference shares for cash at HK$1,060 per share. a) Journalize the transactions b) post to the equity accounts (use J5 as the posting refrence) c) prepare the share capital section of the statement of financial position at december 31, 2017 For educators Help Sign in This problem has been solved! You'll get a detailed solution from a subject matter expert that helps you learn core concepts. See answer 2 OED ® ▷ ♡ £ Yes, set it as default browser 16:11 30°C Light rain 40 ENG 27-07-2022 X # □
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