The following selected ledger balances are taken from the books of JOYFUL CORPORATION for the year ended December 31, 2017:

  

January 1, 2017 balances 10% Preference Share Capital, P200 par value, authorized 20,000 shares, 11,000 shares issued P 2,200,000 Ordinary Share Capital, P100 par value, authorized 50,000 shares, 30,000 shares issued 3,000,000 Reserves 530,000 Accumulated profits 4,100,000 Summary of transactions during the year: Issuance of 5,000 10% Preference shares 1,000,000 Share premium - Preference 325,050 Subscribed Preference share, 1,200 shares 240,000 Subscription receivable - Preference 120,000 Issuance of 12,000 Ordinary shares 1,200,000 Share premium - Ordinary 237,000