Kindly provide explanations.

Exercise 5. Various share capital transactions Joshua Company has two classes of share capital outstanding: 10%, P50 par preference share capital and P10 par ordinary share capital. At December 31, 2018, the following accounts were included in the shareholder's equity: Preference Share Capital, 100,000 shares Ordinary Share Capital, 1,000,000 shares Preference Share Premium Ordinary Share Premium Retained Earnings P 5,000,000 10,000,000 1,000,000 5,000,000 4,500,000 The following transactions have affected the shareholder's equity of the company during the year 2018: Jan.1 Issued 15,000 preference shares at P60 per share. Feb.1 Issued 25,000 ordinary shares at P25 per share. June 1 Issued additional shares in a 2-for-1 share split. July 1 Reacquired 20,000 ordinary shares at P14 per share. Oct. 31 Reissued 15,000 treasury shares at P16 per share. Dec.31 Profit for the year is P2,500,000. Dec.31 Declared the regular dividend on preference shares and P1.00 dividend per share on ordinary. Prepare the journal entries of the foregoing transactions and prepare the Shareholder's equity section of the Company as of December 31, 2019