Blue Ice Incorporated was authorized by its charter to issue 1,000 shares of ordinary share at P100 par value per share. To comply with SEC requirements the following shares were subscribed and 25% of which are paid up on December 1, 20A. Subscribed and Paid-up Shares Amount Elena Alpuerto Serafin Mascarias 50 shares x P100 =P 5,000 40 shares x 100 = 4,000 Norberto Bersal 60 shares x 100 = 6,000 Jose Elises 80 shares 100 = 8,000 lan Basarte 20 shares x 100 2,000 Total 250 shares P 25,000 Dec. 1 Paid incorporation fee, attorney's fee and promotion expenses, P7,000. 3 5 Received subscription of 30 ordinary shares at P110 per share from Severo Santos with 50% down payment. Issued 50 ordinary shares for cash at P105 per share to Leonora Caminade.