Papa Corporation and Mama Company have announced terms of an exchange arrangement under which Papa Corporation will issue 8,000 shares of its P10 par value common stock to acquire all the assets of Mama Company. Papa Corporation shares currently are trading at P50, and Mama Companys P5 par value shares are trading at P18 each. Book value and fair value statement of financial position of Mama Companys statement of financial position data on January 1, 2020 are as follows:

Papa Coporation Mama Company

Book Value Fair Value

Cash and receivables P150,000 P 40,000 P 40,000

Land 100,000 50,000 85,000

Buildings and Equipment 300,000 160,000 230,000

Total Assets P550,000 P250,000 P355,000

Common stock P200,000 P100,000

Additional paid-in capital 20,000 10,000

Retained earnings 330,000 140,000

Total Equities P550,000 P250,000

Question: What are the necessary journal entries ?