Ming Limited was organized on January 1, 2020. It is authorized to issue 15,000 7%, $1,000...

 

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Ming Limited was organized on January 1, 2020. It is authorized to issue 15,000 7%, $1,000 par value preference shares, and 400,000 no-par ordinary shares with a stated value of $15 per share. The following share transactions were completed during the first year. Date Transactions Jan. 10 Issued 100,000 ordinary shares for cash at $48 per share. Issued 1,000 preference shares for cash for $1,050,000. Issued 18,000 preference shares for land. The asking price of the land was $780,000. The fair value of the land was $720,000. Issued 10,000 ordinary shares to attorneys in payment of their bill of $280,000 for services provided in helping the company organize. Mar. 1 Apr. 1 Aug. 1 REQUIRED: Journalize the above transactions Ming Limited was organized on January 1, 2020. It is authorized to issue 15,000 7%, $1,000 par value preference shares, and 400,000 no-par ordinary shares with a stated value of $15 per share. The following share transactions were completed during the first year. Date Transactions Jan. 10 Issued 100,000 ordinary shares for cash at $48 per share. Issued 1,000 preference shares for cash for $1,050,000. Issued 18,000 preference shares for land. The asking price of the land was $780,000. The fair value of the land was $720,000. Issued 10,000 ordinary shares to attorneys in payment of their bill of $280,000 for services provided in helping the company organize. Mar. 1 Apr. 1 Aug. 1 REQUIRED: Journalize the above transactions

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Date Particulars DrCr Amount Amount Jan10 Share Allotment Debit 4800000 To Equity Share Capit... View the full answer