NOAH COMPANY was organized at the beginning of the current year, and was authorized to issue 100,000 common shares with par value of P50. The following transactions occurred during the year.

a. Received subscriptions at par value from incorporators equal to 40% of the authorized capital stock.

b. Received a 25% down payment on the subscription from the incorporators.

c. Received full payment on 20,000 common shares originally subscribed.

d. A patent was acquired by issuing 10,000 common shares. The patent has no fair value.

e. Received cash subscriptions to 30,000 common shares at P60 per share.

Requirements:

1. Journal entry to record the above transactions.

2. Statement of stockholders equity section