question archive 1A Gão Limited was organized on January 1, 2017
1A Gão Limited was organized on January 1, 2017
Subject:BusinessPrice: Bought3
1A 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 Mar. 1 Apr. 1 May 1 Aug. 1 Issued 100,000 ordinary shares for cash at HK$48 per share. Issued 5,000 preference shares for cash at HK$1,050 per share. 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. Issued 80,000 ordinary shares for cash at HK$45 per share. Issued 10,000 ordinary shares to attorneys in payment of their bill of HK$320,000 for services provided in helping the company organize. Issued 10,000 ordinary shares for cash at HK$50 per share. Issued 1,000 preference shares for cash at HK$1,060 per share. Sept. 1 Nov. 1
