Required:

1. On January 7, the Articles of Incorporation are filed with the SEC. The state authorized the issuance of 10,000 P50 par value preferred shares and 200,000 shares P10 par value ordinary. compound entry
2. On February 3 80,000 shares of ordinary shares are issued in exchange for Land and Buildings that have a fair value of P250,000 and P1,000,000, respectively
3. On March 8, 2,000 shares of ordinary shares are issued toAtty. Campana in payment of legal services rendered in connection with the incorporation.The market value of the stock at the time of issue is P16 per share
4. On September 12, ECQ received subscriptions for 10,000 shares of preference shares at P53.A 40 percent down payment accompanied the subscriptions.The balance due is on October 1.