ABC Ltd., started on January 1, 20X1, was authorized to issue 1,000,000 ordinary shares. During the fiscal year ending December 31, 20X1, the following transactions were completed in the order given.

1) 600,000 ordinary shares were issued for cash at $13.

2) 20,000 ordinary shares were exchanged for 200,000 DEF Corporation's shares. At that date, ABC's ordinary share were trading at $15 per share in the Hong Kong Stock Exchange, while DEF Corporation was still an unlisted company. As investment banker placed the estimated value of the DEF's share as $1.8 per share.

3) DEF became a listed company and its share was trading at $2 per share. On the same day, ABC declared and paid a property dividend in which it distributed all its investment in DEF's shares. (Assume that ABC has sufficient retained profits for dividend

Prepare the journal entries to record all the transactions.

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