La Bambina Incorporated was organized on January 15, 2020. The firm's charter authorized the issuance of the following: 8% Cumulative Preferred Share, P100 par, 20,000 shares Common stock, no par, 50,000 shares The Board of Directors has established a P50 stated value on the common stock. ! The following transactions occurred during the first three month of the year: Jan. 20 Corporators subscribed for 13,000 shares of common stock for P60 per share with 50% payment received and the balance is payable 45 days after. 25 Subscription for 5,000 preferred shares at P120 per share with 40% payment received. The balance will be payable 60 days after. 30 Sold 750 shares of preferred shares to Alicia Company for P125 per share for cash and the shares were issued. Feb. 20 Received land costing P125,000 for 1,000 preferred shares. Appraised value of the land is 240% of its cost. Shares were issued. 27 Legal and promotional cost were paid P35,000. Mar. 3 Received subscription contract from various investors to purchase 2,500 shares of common stock at P65 per share with a 25% down payment, balance due on April 17, 2020. 6 Collected the amount due from the corporators. Shares were issued. 10 Received subscriptions from various investors for 4,500 common shares at P65 each. 12 Issued 500 preferred shares for P130 per share. 15 Received 30% payment from the March 10 subscribers. 25 Issued 60 preferred shares to Atty. Luna for the P13,750 bill received for his services rendered during the incorporation. 26 Payment received from Jan. 25 subscribers for 4,000 shares. 3 Prepare the entries using the journal entry method for the transactions given. Then, prepare the trial balance as at March 31, 2020 using a T-account. La Bambina Inc. Journal Entries Particular Date DR CR