Good afternoon, Problem 2 The shareholders' equity M. Pasado Company at Jan. 1, 2019, appears below: 8% Preference Shares, P250 par, 15,000 shares authorized, 5,800 shares issued and outstanding P1,450,000 Share Premium - Preference 870,000 Ordinary Shares, P100 par, 200,000 shares authorized, 40,000 shares issued and outstanding 4,000,000 Share Premium - Ordinary 2,400,000 Retained earnings 2,700,000 During 2019, the following transactions occurred: Jan. 10 Issued 16,000 ordinary shares for P180 cash per share. 23 Purchased 6,000 ordinary shares for the treasury at P200 per share. Mar. 14 Sold one-half of the treasury shares acquired last Jan. 23 for P210 per share. July 15 Issued 3,200 preference shares to acquire special equipment with a fair market value of P1,440,000. Sep. 15 Received subscriptions to 20,000 ordinary shares at P250 per share. Oct. 15 Received cash payment from each subscriber for 40% of the ordinary shares subscription price. Nov. 15 Received the balance due on the Sept. 15 shares subscriptions in cash and issued the stock certificates. Dec. 31 Closed profit of P520,000 from the Income Summary account to Retained Earnings thankyoo