On January 1,2018 black corporation has the following equity accounts in its ledger:

6% preference shares, P100 par, 2,000 shares issued P200,000

Ordinary shares, P50 par, 12,000 shares issued 600,000

The following equity transactions took place in 2018:

Jan. 31 Paid the annual dividend of the preference shares. This was properly recorded when declared on Dec.31 of the previous year.

Mar. 31 Declared a P2 per share cash dividend on the ordinary shares.

April 30 Paid the cash dividend declared on March 31.

June 30 Declared a 15% share dividend on the ordinary shares. The market price of the ordinary share on this date is P60

July 31 Issued the share dividend declared on June 30

Sept. 30 Declared a P2 per share cash dividend on the ordinary shares.

Octorber 31. Paid the cash dividend declared on September 30.

December 31. Declared the annual dividend of the preference shares.

Required:

Prepare journal entries to record foregoing transactions.