Help in journalyzing. I need explanation please and make sure give me the right answers.

Problem #7 Issuance of Ordinary and Preference Shares Villarama Corporation was organized on Jan. 1, 2017. It is authorized to issue 20, 000 shares of 6%, P50 par value preference shares, and 50,000 shares of no par ordinary shares with a stated value of P10 per share. The following stock transactions were completed during the year: - Jan. 10 Issued 10,000 ordinary shares for cash at P35 per share. . Mar. 1 lssued 10,000 preference shares for cash at P55 per share. Apr. 1 Issued 2,500 ordinary shares for land. The asking price of the land was P90,000; the fair market value of the land was P85,000. May 1 ' Issued 7,500 ordinary'shares for cash at P40 per share. Issued 1,000 ordinary shares to lawyers in payment of their bill Au .1' g - for P50,000 pertaining to services rendered in helping the corporation organize. S 1 Issued 500 ordinary shares for cash at P60 per share. ep. 1 Issued 2 000 preference shares for cash at P53 per share. Nov