Cavite Corporation was organized on June 1, 2009 with authorized share capital of 400,000, 9% preference shares with P40 par value and 500,000 ordinary shares with P30 par value. During 2012, the following selected transactions were completed. Aug 5 Received subscriptions for 300,000 ordinary shares at P42.A down payment of 20% was received; balance in two equal installments due September 1 and December 1. 7 Issued 16,500 ordinary shares for cash at an issue price of P32 per share. 9 Subscriptions were received for 120,000 preference shares at P45; collected 15% down payment with the balance in two equal installments due October 1 and December 1. Sept 1 Amounts due on this date were collected from ordinary share subscribers. 5 Issued 500 preference shares for cash at an issue price of P45 per share. Oct 1 Amounts due on this date were collected from preference share subscribers. Nov 1 Issued 600 preference shares for cash at P44. Dec 1 Amounts due on this date were collected from ordinary and preference subscribers