Gabayan Inc. has been authorized to issue 125,000 shares of P10 par ordinary shares. The following 2019 transactions relate to the initial issuance of Gabayan share:

Feb. 1 Gabayan sold subscriptions for 25,000 shares of stocks. The shares have a subscription

price of P15 per share. One-third of the subscription price was received as a down

payment.

15 Gabayan sold 10,000 shares for P180,000.

Mar. 1 An installment amounting to one-third of the subscription price was received.

19 Gabayan exchanged 200 shares of stocks for a new two-way radio system having a fair

market value of P3,800.

Apr. 1 The final one-third of the subscription price was received and the share issued.

Required:

Prepare journal entries to record the transactions. Use memorandum method.