Activity 1: In August of the current year, Excellent Corporation was authorized to issue 100,000 shares of ordinary shares with P50 par value and 100,000 preference shares with P100 par. The following transactions were completed.

August a. Received subscription for 60,000 ordinary shares at par. One third of the subscription price was paid. The balance will be paid in two equal installment payment. b. Received subscription for 40,000 preference shares at par with a 50% down payment. The balance is payable at the end of the month. c. Issued 20,000 ordinary shares at P55 per share. d. Issued 5,000 preference shares in exchange for equipment worth P700,000. e. Preference shares paid their balance in full and issued the corresponding stock certificates.

September a. Received the first installment due from the 60,000 ordinary shares subscription. b. Received the balance due from the 60,000 ordinary share subscription and corresponding Certificate of stockswere issued.

Required: The necessary journal entries using the memorandum entry method.

Activity 2: J10 Corporation was authorized to issue 200,000 Ordinary Shares with P100 par value. The following are the transactions related to the organization of the corporation for the month of November.

a. The three incorporators subscribed 25% of Authorized Capital Stock and paid 10% down payment. The balance will be payable in two equal installment payments. b. Issued 10,000 shares to Mr. Reyes at par. c. Issued 5,000 shares at P110 per share to Mr. Santos. d. Exchanged 10,000 shares with land appraised at P1,100,000. e. Issued the corresponding stock certificate in exchange for building P1,800,000. f. Paid lawyer P10,000 for professional service rendered in organizing the corporation. g. Received the first installment due from the incorporators. h. Received subscription from Mr. Cruz for 1,000 shares at P110 per share receiving 25% down payment. i. Received the balance due from two incorporators and issued the corresponding stock certificates. j. Mr. Cruz paid 50% of his balance.

Required: The necessary journal entries using the memorandum entry method.