Problems 8-5 (Reconstruction of Transactions) The Golden Rule Corporation was organized on January 1, 2014 with authorized share capital consisting of 50,000 preference shares with a par value of P50 and 1,000,000 of no-par ordinary shares with a stated value of P10. At December 31, 2014, the ledger included the following balances pertaining to shareholders' equity. Preference Share Capital P 1,000,000 Preference Share Premium 120,000 Ordinary Share Capital 3,000,000 Ordinary Share Capital in Excess of Stated Value 4,500,000 Ten thousand preference shares were issued for equipment having a fair value of P550,000. The remaining preference shares were issued for cash. All ordinary shares were issued for cash. Instructions: Compute for each of the items enumerated below. 1. Number of preference shares issued for cash. 2. Price per share of preference share capital issued for cash. 3. Number of ordinary share issued. 4. Average price per share of the ordinary share capital issued for cash. 5. Total preference share premium arising from issuance in exchange for equipment