PROBLEM 2: On February 14,2019, Hogwarts Marketing Inc. was authorized to issue 2,000 ordinary shares with a par value of P1,000 share. The next day, the corporation received 600 shares subscriptions from six incorporators as well as 25% paid-up capital. On March 1,2019, the remaining balance was paid in full and share certificates were issued to them. The preceding transactions were properly recorded in the books of the corporation. During the month of March, the foregoing transactions occurred: 11 Page ABM 14: WORKSHEET 2 March 5 Received subscription of 300 shares from Hermione Granger at P1,200 fair market value per share and collected 20% of her subscription. July 28 After all lawful calls and notices, Ms. Granger defaulted and all her subscribed shares were declared delinquent and were advertised for public auction. July 30 Advertising expense was paid by the corporation amounted to P5,000. Aug. 01 At the public auction, the following individuals' bids and the highest bidder pays the balance of the subscription plus advertising cost. Bidders Draco Malfoy James Potter Lord Voldemort No. of shares willing to receive 200 250 280 Aug. 02 The share certificate were issued. Required: 1. Journal entries in the book of the corporation. Use Memorandum Entry method. 2. Who will receive the share certificate and how many shares were issued to them? Show your solution