I. $($Five items$)$ A junior accountant of RodLeny Corporation is seeking your assistance as to how to complete the following shareholders' equity section of the balance sheet:

Shareholders' Equity:

Contributed Capital

$5\%$ Preference shares, par value per share, $15,000$ shares authorized, $9,000$ shares issued and outstanding

P $405,000$

Ordinary shares, par value P $10$ per share, $100,000$ shares authorized, shares issued and outstanding

P $1,500,000$

Subscribed, $1,500$ shares

Additional Paid$-$in Capital

Excess over par $-$ Preference shares

P $80,000$

Excess over par $-$ Ordinary shares

Retained Earnings

Total Shareholders' Equity

P $2,049,500$

Additional Information:

Undistributed earnings of the corporation is $P9,000.$ No dividends had ever been paid.

II$.($Two items$)$ A$-$plus Asia Inc. was organized on January $1,2007.$ It was authorized to issue $100,000$ shares of ordinary shares capital, par value P$20.$ The minimum required subscription was received at P$25$ per share.

How many shares must be subscribed at the time of incorporation?

How much of the subscriptions must be paid up$?$