Lancer Company reported the following shareholders' equity: Share capital, 50,000 shares, P100 par Share premium Retained earnings Total shareholders' equity 5,000,000 1,000,000 (500,000) 5,500,000 - The entity wishes to cancel the deficit and is considering each of the following possibilities: a. Shareholders are to donate 10% of their shares to the entity and these are formally retired. 'b. The par value of shares is to be reduced to P50. i c. Two new no-par shares are to be exchanged for each share outstanding and the legal capital for the entity is to be restated at P5,500,000. The stated value is P55. d. Three new no-par shares with a stated value of P20 are to be exchanged for every share. Required: Prepare journal entry that would be required for each possibility. Lancer Company reported the following shareholders' equity: Share capital, 50,000 shares, P100 par Share premium Retained earnings Total shareholders' equity 5,000,000 1,000,000 (500,000) 5,500,000 - The entity wishes to cancel the deficit and is considering each of the following possibilities: a. Shareholders are to donate 10% of their shares to the entity and these are formally retired. 'b. The par value of shares is to be reduced to P50. i c. Two new no-par shares are to be exchanged for each share outstanding and the legal capital for the entity is to be restated at P5,500,000. The stated value is P55. d. Three new no-par shares with a stated value of P20 are to be exchanged for every share. Required: Prepare journal entry that would be required for each possibility