Kindly help Maita Corporation to integrate the accounting for retained earnings.

On July 1, 2021, the BOD of Maita Corporation declares share dividends of 20,000 shares with a par value of P25 each and a fair value of P32.50 each. The total outstanding shares are 80,000.

The date of the record is July 31, 2021, and will be paid on August 15, 2021.

On November 16, 2021, the BOD of Maita Corporation declare another share dividend of 20,000 shares with a fair value of P39.80 each.

The date of the record is December 15, 2021, and will be paid on January 15, 2022.

The unadjusted retained earnings are P1,250,000 and the net income during the year is P575,000.

Requirements (5 points each):

1. What are the related journal entries on the 1st share dividends?
2. What are the related journal entries on the 2nd share dividends?
3. How much is the balance of the Retained earnings on December 31, 2021?