My Corporation issued 50,000 preference shares of P100 par value for P5,000,000 with 50,000 warrants to acquire 25,000 ordinary shares, P50 par at P90. On the date of issuance, the warrants have a market value of P20 but the preference shares have no known market value, ex-warrants. Subsequently, 40,000 warrants were exercised and the remainder lapsed.

Prepare journal entries fof the transactions.