Exercise 8-5 (Issuance of Share Capital of On June 1, 2014, Simplicity, Inc. sold 35,000 shares of its P20 par value ordinary share capital on a subscription basis at P50 per share. Simplicity received a 60% down payment on the date of subscription. On September 8, 2014, Simplicity received the balance on the subscription and the stock certificates were issued. Instructions: Prepare journal entries to record the preceding transactions