accounting please as soon as possible need the solution

in 50 min please

Question Three (25 points) is marks each Mighty Corp. was organized on January 1, 2012. It is authorized to issue 500,000 shares of 8%, $100 par value preference shares, and 1,300,000 shares of ordinary shares with a par value of 83 per share. The following share transactions were completed during the first year. Feb. Ist Issued 200,000 ordinary shares for cash at $8 per share. Feb. 2nd Issued 40,000 ordinary shares to lawyer in payment of their fees of $80,000 for services rendered in helping the company organize. Apr. 10th Issued 50,000 ordinary shares for cash at $6 per share. Jun. 15th Issued 40,000 preference shares for cash at $140 per share. Jun. 20th Issued 40,000 ordinary shares for Equipment. The asking price of the equipment was $200,000; the fair value of the equipment was $180,000