Mindanaoan Resource Corporation was authorized by its charter to issue 10 000 ordinary shares at P100 par value per share. On January 3, 20A, four (4) incorporators have subscribed to a total of 6,000 shares and made payments. of P300,000 for their original subscriptions. The incorporators with their corresponding subscribed shares and payments were as follows: Incorporators Subscribed Shares Paul Sanico 2,000 1,500 1,000 1,500 Payments P100,000 70,000 Estela Ganas Mark Borinaga Paquito Pasia Jan. 4 - Mr. Jay Raymund Delfin, the corporate treasurer deposited to the bank, the collection from the incorporators and received a certificate of bank deposit. 5- Issued check in payment of attorney's fees., printing cost of certificates, and other incidental expenses incurred in the process of incorporation, P30,000. 8 - Richard Baligala subscribed to 350 shares at P103 per share and made a 20% down payment. 10 - Issued 500 shares to Maria Tomampos in exchange for an adjacent lot to be used as a parking space. The fair market value of the lot was P55,000 and a stock certificate was issued. 15 - Estela Ganas, one of the incorporators paid her subscription balance in full. P150,000 70,000 P 80,000 18 - Issued 300 shares for cash at P102 to Teofe Gonzales. Issued stock certificate. 20- Lord Aguilar subscribed 400 shares at P105 and made a down payment of 70%. 25 - Jennifer Era subscribed 150 shares at par value and made a down payment of 80%. 30 - Richard Baligala paid his subscription balance and issued a stock certificate. Subscription Receivable Less: Down payment Balance 1,500 shares at par Less: Subscription payment Balance P36,050 7,210 P28,840 50,000 80,000 Required: 1. Record the foregoing transactions including authorization, subscription, and collections by using the memorandum and the journal entry methods. 2. Prepare shareholders' equity under each method.