Reyes Corp. has been authorized to issue 100,000 preference share at P100 par Problem 2: Issuance of Shares and Subscription value and 200,000 ordinary share at P80 stated value. The following shareholders' equity transactions during 20x1 follows: Issued 10,000 shares for cash of P120 per share. Issued 25,000 ordinary share for land with fair value of P2,200,000, the fair value of share is P85 per share. c. 15,000 preference shares were subscribed at P115 per share. d. Collected P1,500,000 for preference share subscription. e 50,000 ordinary shares were subscribed for P4,500,000 f Collected 40% of ordinary share subscription g. Collected the balance on the preference share subscription and issued stock certificates. h. Issued 30,000 ordinary shares for settlement of an outstanding bank loan of P 3,000,000, including accrued interest of P 20,000. On this date, shares share. are quoted at P120 per i. Net income for the year 1,200,000 Required: Prepare the journal entries under A. Memorandum method B. Journal Entry method