On January 1, 2021, ABC Corporation was authorized to issue 2 classes of stocks: 50,000 preference shares with par value of P 50 and 100,000 ordinary shares with par value of P 20. During the calendar year ending December 31,2021, the company had the following share transactions in chronological order: No. of shares Price per share a.) Issue of ordinary shares for cash 12,000 P 40 b.) Issue of ordinary shares under subscription; 20% 35,000 35 was collected at the date of subscription. Balance payable on Jan. 15, 2022. c.) Issued ordinary shares in exchange of services of the | 1,000 42 lawyer who help in the incorporation process. The lawyer billed ABC for P 50,000. d.) Issue of preference shares for cash 2,000 70 e.) Issue of both preference and ordinary shares for a 2,000 Preference: P 60 lumpsum price of P 300,000. preference Ordinary: 25 and 8,000 ordinary