Gão Limited was organized on January 1, 2017. It is authorized to issue 10,000 8%, HK$1,000...
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.
Jan. 10 Issued 100,000 ordinary shares for cash at HK$48 per share.
Mar. 1 Issued 5,000 preference shares for cash at HK$1,050 per share.
Apr. 1 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.
May 1 Issued 80,000 ordinary shares for cash at HK$45 per share.
Aug. 1 Issued 10,000 ordinary shares to attorneys in payment of their bill of HK$320,000 for services provided in helping the company organize.
Sept. 1 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.
(c) Prepare the share capital section of the statement of financial position at December 31, 2017.
Homework Answers
Journal Entries would look like
| Jan 10 | Cash | $ 4,800,000 | |
| Share Capital - Ordinary | $ 2,000,000 | ||
| Share Premium - Ordinary | $ 2,800,000 | ||
| Mar 1 | Cash | $ 5,250,000 | |
| Share Capital - Preference | $ 5,000,000 | ||
| Share Premium - Preference | $ 250,000 | ||
| Apr 1 | Land | $ 920,000 | |
| Share Capital - Ordinary | $ 360,000 | ||
| Share Premium - Ordinary | $ 560,000 | ||
| May 1 | Cash | $ 3,600,000 | |
| Share Capital - Ordinary | $ 1,600,000 | ||
| Share Premium - Ordinary | $ 2,000,000 | ||
| Aug 1 | Organization Expense | $ 320,000 | |
| Share Capital - Ordinary | $ 200,000 | ||
| Share Premium - Ordinary | $ 120,000 | ||
| Sep 1 | Cash | $ 500,000 | |
| Share Capital - Ordinary | $ 200,000 | ||
| Share Premium - Ordinary | $ 300,000 | ||
| Nov 1 | Cash | $ 1,060,000 | |
| Share Capital - Preference | $ 1,000,000 | ||
| Share Premium - Preference | $ 60,000 | ||
Share Capital Section would look like
| GAO CORPORATION | ||
| Statement of Financial Position | ||
| December 31, 2014 | ||
| Equity | ||
| Share Capital - Ordinary HK $20 | ||
| Authorized 500,000 shares | ||
| Issued and outstanding | $ 4,360,000 | |
| Share Capital - Preference 8% | ||
| Authorized 10,000 shares | ||
| Issued and outstanding | $ 6,000,000 | |
| Share premium - Ordinary | $ 5,780,000 | |
| Share premium - Preference | $ 310,000 | |
| Total Share Capital | $ 16,450,000 | |
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