Ocean Company was organized at the beginning of the current year and was authorized to issue share capital of 100,000 shares of Php 50 par value. The following transactions occurred during the current year in connection with the share capital:

1. The incorporators subscribed for 25% of the authorized share capital at par value. 2. The incorporators paid 25% on their subscription. 3. Full payment was received on 15,000 shares originally subscribed. 4. Land with a fair value of Php 600,000 was acquired upon issuance of 10,000 shares. The market value of the share at this time is Php 55. 5. Cash subscription to 5,000 shares at Php 60 per share was received. 6. Issued 2,000 shares to the legal counsel in payment for his Php 100,000 bill for organization services.

Required: a. Prepare journal entries to record the transactions using the memorandum method. b. Present the shareholders' equity in the statement of financial position.