Problem 1. Asher Corporation has an authorized share capital of P4,000,000 divided into 400,000 ordinary shares with par value of with of P10 per share. Other transactions affecting the share capital were as follows: a. The following subscriptions and payments were made: > Joseph subscribed 40,000 shares at P15 per share and paid P250,000 > Benjamin subscribed 25,000 at P12 per share and paid P120,000 b. The above subscribers defaulted on their unpaid subscriptions and were declared deliquent c. Asher Corporation incurred the following expenses related to the auction sale of the above delinquent subscriptions: > On the subscription of Joseph, P12,000 > On the subscription of Benjamin, P7,000 d. During the public auctions, the offer price for each delinquent subscription included the balance of the unpaid subscription and the expenses incurred. The offer prices on the unpaid subscription were as follows: > For Joseph's subscription, P362,000 > For Benjamin's subscription, P187,000 e. The following person/s willing to pay the offer price made the following bids: Unpaid subscription Bidder/s > Joseph's subscription Simeon for 30,000 shares Juda for 27,000 shares Ruben for 25,000 shares > Benjamin's subscription No bidder; Asher Corporation made a bid. f. Ordinary shares were issued accordingly. Required: Prepare the necessary entries on the subscription and issuance of shares after the public auction