Tabuk Corp. has the following items in the stockholders' equity portion of its statement of financial position as of December 31, 2018, after all necessary year- end closing entries: 9% Cumulative preference shares, P25 par value, 110,000 shares issued and outstanding; P2,750,000 Ordinary shares, P30 par value, 240,000 shares issued; 7,200,000 Subscribed preference shares, net of P350,000 subscription receivable 650,000 Share premium from preference shares 137,500 Share premium from ordinary shares 1,125,000 Share premium from treasury stock transactions - ordinary shares 281,250 Retained Earnings 5,500,000 Treasury stock - common stock, 30,000 shares 525,000 Upon investigation of the transactions which has transpired in 2018, you have discovered the following information: a) On June 30, 2018 the company issued on a basket price of P900,000, 18,000 shares of preference shares and 10,000 shares of ordinary shares. The ordinary shares were selling at that time at P37 per share while the preference shares were selling at P35 per share. Moreover, the issuance was recorded by debiting cash for the cash consideration received, crediting preference shares and ordinary shares for their corresponding par values with credit to retained earnings for the amount of the difference