The following data were compiled prior to preparation of the financial statements of Pauleen Company as of December 31, 2021: Excess of par-ordinary share Excess of par-preference share Subscribed ordinary share capital, 25% partially paid Subscription receivable-preference (payable June 30, 2022) Subscription receivable-ordinary (payable June 30, 2023) Subscribed preference share capital, 10% partially paid Donated capital Ordinary share capital, par P100 Treasury shares, 10,000 shares Preference share capital, par P100 Accumulated profits, unappropriated Accumulated profits, reserved: For bond redemption For plant expansion For treasury share Additional information: Jan 31, 2022 Mar 1, 2022 May 9, 2022 May 25, 2022 Jun 1, 2022 Jun 30, 2022 Sep 30, 2022 Dec 1, 2022 Dec 31,2022 Dec 31, 2022 Requirements: P 500,000 400,000 250,000 450,000 187,500 500,000 600,000 8,000,000 800,000 1,000,000 1,500,000 P2,000,000 2,500,000 800,000 Issued 6,000 shares of its P100 par ordinary share to Max L as compensation for P1,000 hour of legal services performed. Max L usually bills P500 per hour for legal services. On this date of issuance, Pauleen share was selling at a public trading at P150 per share. Exchanged 20,000 shares of its ordinary shares for land. A few months ago, the land was appraised by an independent appraiser at P3,000,000. Boom shares are currently traded at the stock exchange at P170. Collected fully half of the subscribed ordinary share capital for which issued the stock certificate. Reacquired 12,000 ordinary shares at P120 per share. Sold 5,000 Treasury shares at P100. The company uses FIFO method. Shareholders approved a 2 for 1 ordinary share split. Received full payment of the subscribed preference share for which stock certificates were issued. Sold 7,500 treasury shares at P100 per share. Retired 5,000 of the remaining treasury shares. Net income for the year is 2 million. Appropriated the retained earnings for the treasury shares cost. A. Journalize the 2022 transactions. B. Prepare the shareholders' equity section in good form