The following is the abstract of the shareholder's equity of Earthquake Corporation

2018 (Start of Operations)

The company is authorized to issue:

Number of Shares

8% Preference Share Capital, par P50

100,000

Ordinary Share Capital, no par, P60 stated value

50,000

At the end of 2018, the following accounts are seen in the statement of stockholders equity:

8% Preference Share Capital, par P50, 50,000 shares all issued and outstanding

P2,500,000

Share Premium- Preference

500,000

Ordinary Share Capital, P60 par, 25,000 shares all issued and outstanding

1,500,000

Retained Earnings

4,000,0000

Total Shareholders Equity

8,500,000

The following are the transactions for 2019:

January 1- The corporation purchased and immediately retired 5000 preference shares at P60

February 5- Sold 1,000 ordinary shares for 75 which was paid in cash

February 6- A machinery costing 50,000 but with an appraised value of 150% of its cost was received in exchange of 1,200 shares of the corporation.

Mar 1- Received subscription contracts from various investors to purchase 2,000 preference shares at P55 per share with a 25% down payment, and 1,000 ordinary shares at 65 per share with a 50% downpayment.

Mar 10- March 1 subscriptions was fully paid.

June 1- 3000 shares were received by donation from existing stockholders

August 1- Mr. A, a very wealthy man donated to the corporation a machinery costing 15,000 and has a fair market value of P30,000. The Corporation paid taxes in the amount of 1, 800.

Sep 1- The donated shares were sold for 70.

Journalize the ENTRIES for 2019.