I. Journalize the following transactions.

a. A corporation issued 10,000 shares of common stock at a par value of $40 per share. The journal entry to record the issue of the shares would be:

b. A corporation issued 20,000 shares of common stock with a par value of $40 per share for P45 per share. The journal entry to record the issue of the shares would be:

ABC Corporation was organized on January 1, 2020 and is authorized to issue 100,000 shares of non-par value ordinary share, and 200,000 shares of P100 par value preferred share. The ordinary share has a stated value of P10 per share.

The following transactions relating to its share capital took place during the month of January:

c. The incorporators issued for cash 20,000 shares at stated value.

d. Received subscriptions from various subscribers for 10,000 ordinary shares at P13 per share and 2,000preference shares at P105 per share. The subscribers paid 40% of the subscription price and the remaining 60% is payable within 60 days from subscription date.

d.1. Subscription:

d.2. Payment:

e. Issued for cash 5,000 shares at P110 per share.

f. Merchandise inventory was received from investors in exchange for 500 ordinary shares.

g. Issued 1,000 ordinary shares for incorporation services rendered by the lawyer. The fair market value of such services is P12,000.

h. Issued 4,000 ordinary shares in exchange for equipment valued at P50,000.

i. Received the balance due from the subscribers of 2,000 ordinary shares in (d) and corresponding certificates were issued.

i.1. Payment:

i.2. Issuance of certificate of shares.