CFAS Company was incorporated on January 4, 2022. The Philippine SEC authorized the company to issue 300,000 ordinary shares, no-par, with P100 stated value and 100,000 5%-preference shares with P50 par value. During the year the entity issued 120,000 ordinary shares for a total consideration of P15,000,000 and 35,000 preference shares at P75 per share. At the latter part of the year, 15,000 preference shares were subscribed for a purchase price P80 per share which were paid for on January of the following year. Profit for the year was P3,250,000.