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Question ONE 100 Marks (5 entries x 20marks each) Apex Co

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Question ONE 100 Marks (5 entries x 20marks each) Apex Co. was organized on January 1, 2015. It is authorized to issue 55,000 shares of 6%, $100 par value preference shares, and 500,000 shares of ordinary shares with a par value of $2 per share. The following share transactions were completed during the first year. • Jan. 10 Issued 50,000 ordinary shares for cash at $8 per share. • Mar. 1 Issued 11,000 preference shares for cash at $130 per share. • Apr. 1 Issued 30,000 ordinary shares for building. The asking price of the building was $100,000; the fair value of the building was $80,000. May 1 Issued 80,000 ordinary shares for cash at $7 per share. Aug. 1 Issued 20,000 ordinary shares to lawyer in payment of their fees of $50,000 for services rendered in helping the company organize. Instructions Prepare the journal entries to record the above transactions.