Presented below is the stockholders' equity of the balance sheet as of April 30. Paid-in Capital Preferred Stock, 12%, P100 par (20,000 shares authorized, 15,000 shares issued) P 1,500,000 Premium on Preferred Stock 40,000 P 1,540,000 Common Stock, P 50 par (100,000 shares authorized, 60,000 shares issued) 3,000,000 Premium on Common Stock Total Paid-in Capital Retained Earnings Total Stockholders' Equity 100,000 3,100,000 During the next eight months, selected transactions are: 4,640,000 500,000 P 5,140,000 ========= May 10 Received subscriptions to 5,000 shares of preferred stock at P 102, Collecting half of the subscription price. July 15 Purchased 10,000 shares of treasury common for P600,000. Sept. 10 Oct. 25 Dec.10 Dec.20 Dec.29 Received 25% of the subscription price of the preferred stock. : Sold 6,000 shares of treasury common for P 420,000 Received the balance due on preferred stock subscribed and issued the Shares. : Sold 3,000 shares of treasury common for P 150,000. Retired the remaining 1,000 shares of treasury common. INSTRUCTIONS: 6. Presented below is the stockholders' equity of the balance sheet as of April 30. Paid-in Capital Preferred Stock, 12%, P100 par (20,000 shares authorized, 15,000 shares issued) P 1,500,000 Premium on Preferred Stock 40,000 P 1,540,000 Common Stock, P 50 par (100,000 shares authorized, 60,000 shares issued) 3,000,000 Premium on Common Stock Total Paid-in Capital Retained Earnings Total Stockholders' Equity 100,000 3,100,000 During the next eight months, selected transactions are: 4,640,000 500,000 P 5,140,000 May 10 Received subscriptions to 5,000 shares of preferred stock at P 102, Collecting half of the subscription price. July 15 Purchased 10,000 shares of treasury common for P600,000. Sept. 10 Received 25% of the subscription price of the preferred stock. Oct. 25 : Sold 6,000 shares of treasury common for P 420,000 Dec.10 Dec.20 Received the balance due on preferred stock subscribed and issued the Shares. : Sold 3,000 shares of treasury common for P 150,000. Dec.29 Retired the remaining 1,000 shares of treasury common. INSTRUCTIONS: Prepare all entries necessary to record the above information