The Blazing Blue Corporation is authorized to issue 100,000 P 10 par value ordinary shares and 30,000 no par but with stated value of P 100 preference shares. The corporation engaged in the following share capital transactions through December 31,2019: 30,000 ordinary shares were issued for P 350,000 and 12,000 preference shares for an equipment valued at P 1,425,000. Subscriptions for 4,500 ordinary shares have been taken and 40% of the subscription price of P 16 per share has been collected. The shares will be issued upon collection of the subscription price in full. 30 days after call date, the subscription is declared to be delinquent and were advertised for sale at a public auction. Other costs related to the sale of delinquent shares costs P 5,000. Received bids from the following: A 500 shares; 51 T00 shares; (2 1,000 shares The amount from the highest bidder is collected and certicates of share capital were issued. The retained earnings balance on December 31,2019 is P 350,000