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19X2 2. May 1 - The Scheezo Corporation was authorized to issue 2,000 shares of common stock with a par value of P100 per share. 2- Received the following subscriptions from five incorporators. Garcia 100 shares Sanchez 100 shares Tuazon 100 shares Villanueva 100 shares Lopez 100 shares 5 - Lopez and Villanueva paid the subscriptions in full, and stock certificates were issued to them. 10 - The three other incorporators paid one half of their subscriptions. 13 Tuazon and Sanchez paid their balances in full, and stock certificates were issued to them. 15 - After all lawful calls and notices, Garcia defaulted. His stocks were declared delinquent and were offered for sale in a public auction. 16 - Advertising expenses paid by the corporation amounted to P 700. 20 - At the public auction, Santos was the highest bidder for 70 shares. He paid the balance of the subscription plus advertising costs. 21 - The stock certificates were issued. REQUIRED: a) Entries in the books of the corporation to record the above transactions. b ) Assuming that nobody bidded and the corporation made a bid on the unpaid subscriptions, give the necessary entries in the books of the corporation to record the transactions from May 15 to 21