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QuestionOrdinary shares, 50,000 shares issued during the com

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QuestionOrdinary shares, 50,000 shares issued during the company’s P… Ordinary shares, 50,000 shares issued during the company’s ????P??7,500,000??incorporation at P150 per share Preference shares, 20,000 shares issued on 06/30/2019 ????????1,200,000??in exchange of a building with a fair market value of P1,200,000??The following transactions occurred in 2020:On Jan. 5, the company issued 10,000 ordinary shares to employees as compensation. The shares are currently selling on this date at P165 per share.On March 10, the company issued 10,000 ordinary shares and 10,000 preference shares for a total lump sum of P2,800,000. On this date, ordinary shares are quoted in the market at P175 per share while preference shares are quoted at P75 per share.On July 1, the company issued 15,000 ordinary shares with a 3-year P2,000,000, 12% face value bonds (payable) for a total consideration of P5,000,000. The bonds are currently quoted at 110 while the ordinary shares are quoted in the market at P180 per share.On August 1, 20,000 preference shares were subscribed by several subscribers at P80 per share. 25% of the subscriptions were collected up front with the balance to be paid after 3 months.?n October 31, receivables for the 15,000 shares subscribed on August 1 were fully collected, thus the corresponding shares were issued. The subscribers of the remaining shares defaulted; as a result, the company offered the remaining shares in auction. The company paid P15,000 in auction related expenses.On November 25, the company selected the highest bidder for 4,000 shares; thus, the amount due was collected. The remaining shares were issued.On December 5, the company issued 5,000 ordinary shares to the company’s outside legal counsel. On this date, the shares are currently selling at P180 per share. The fair market value of the legal services received on this date is P850,000.Required:Journalize the transactions using the memorandum and journal entry methods. Show the stockholders’ equity section as of 12/31/2020.?ccountingBusinessFinancial AccountingACCOUNTANC 2007-1

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