During its first year of operations, G Corporation had the following transactions relating to 8% preference with authorized issue of 80,000 shares and a par value of P50 and ordinary no-par with authorized issue of 50,000 shares with P20 stated value.

Issued for cash 25,000 preference shares at P60 per share.

Issued 1,000 ordinary no-par to lawyers in payment of a bill valued at P30,000 for legal services rendered in helping the company to register the corporation.

G Corporation issued 50,000 preference shares in exchange for equipment and machinery with fair value of P1,000,000 and P1,500,000, respectively. In additioncash amounting to P500,000 was receivedfrom the shareholders for the difference in fair value of the equipment and machinery over the fair value of preference shares issued.

Received subscription for 24,000 ordinary no-par shares at P30 per sharereceiving 25% down payment and the balance to be collected one month after.

Issued for cash the remaining unsubscribedordinaryshares at stated value.

Based on the foregoing transactions, determine the following:

Q1Balance of preference share capital

Q2Balance of ordinary share capital

Q3Total legal capital

Q4Total contributed capital or paid in capital

Q5Total additional contributed capital/Total additional paid in capital

Q6If the G Corporation earned P250,000 in its first year of operations, how much is total shareholders' equity?

Q7In relation to Q6, how much is the total shareholders' equityif the subscription receivable on the ordinary share has no specified collection date?