Problem 1 Edison Tech Corporation was organized on February 3, 2019 with authorized share capital consisting of 200,000 shares of P 70 par value 12% preference share capital and 400,000 shares of ordinary share capital with P 40 stated value. The following transactions occurred during February and March: Feb 12 share. Feb 15 Feb 27 Issued 50,000 ordinary shares to incorporators for P 45 per Issued 20,000 preference shares for P 72 per share. Issued 5,000 ordinary shares for land with a book value of P 210,000 and fair market of value of P 285,000. Mar 03 Issued 2,000 ordinary shares for the services rendered by Atty. Damian. He assists the corporation in obtaining the certificate of incorporation and provides legal consultation relative to the incorporation. The value of his service cannot be estimated reliably. The fair market value of the shares is P 43. Mar 12 Issued 800 ordinary shares for P 36 per share.