The following accounts were among those reported on Gengar Corp.s balance sheet at December 31, year 1:

Financial Assets at FVOCI (market value P140,000) P 80,000

Preferred stock, P20 par value, 20,000 shares issued and outstanding 400,000

Additional paid-in capital on preferred stock 30,000

Retained earnings 900,000

On January 20, year 2, Gengar exchanged all of the Financial Assets at FVOCI for 5,000 shares of Gengars preference shares. Market values at the date of the exchange were P150,000 for the financial assets at FVOCI and P30 per share for the preference shares. The 5,000 preference shares were retired immediately after the exchange. Prepare the related journal entries to record this transaction?