The following events and transactions relate to the shareholders' equity accounts of the Galvez Corporation for $2021$:

Jan. $3$ The articles of incorporation was received, authorizing Galvez Corporation to issue $100,000$ shares of P$5$ par ordinary shares and $30,000$ shares of P$50$ par preference shares.

$8,000$ ordinary shares were issued to the incorporators of the business for $P100,000.$

$1,000$ preference shares were sold for P$56$ per share.

Subscriptions to $12,000$ ordinary shares were sold. The subscription price was P$15$ per share; one$-$third of the total was received as a down payment.

$200$ preference shares were issued to the lawyers in payment for legal services rendered in drawing up the articles of incorporation. A value of P$56$ per share was deemed appropriate.

Feb. $1$ One$-$third of the subscription price of the subscribed shares was received.

$15$ Galvez Corporation purchased $2,000$ ordinary shares from one of the incorporators for P$14$ per share.

Mar. $1$ The final balance due was received on the subscribed shares. The shares were issued.

$20$ Galvez Corporation sold $500$ shares of treasury stock for $P17\mathrm{.}50$ per share.

May $30$ Galvez received a piece of machinery as a donation from Cabrera Equipment, Inc. The machinery has a market value of P$75,000.$

Sep. $15$ Galvez sold, for P$13\mathrm{.}50$ per share, $500$ shares of the treasury stock purchased on Feb. $15.$

The balance of the retained earnings account after all $2021$ entries is P$36,400.$

Required:

Prepare journal entries to record these transactions.

Prepare the shareholders' equity section of Galvez Corporation.