The Good News Corporation was formed on April 1, 2014. There were two transactions involving issuance of preference shares: (1) 2,000 shares were issued in exchange for land, and (2) 500 shares were issued for cash of P70 per share. There were also two transactions involving issuance of ordinary shares: (1) 12,000 shares were issued for cash, and (2) 800 shares were issued as payment for pre-operating expenses. Selected general ledger accounts for the Good News Corporation show the following activities for the first month of operations: Preference Share Capital, P50 par 100,000 25,000 Cash 78,000 35,000 Pre-Operating Expenses 5,400 Preference Share Premium 50,000 10,000 Ordinary Share Capital, P5 par 60,000 4,000 Land 150,000 Ordinary Share Premium 18,000 1,400 Instructions: Reconstruct the journal entries made for share capital transactions during the month of April. 1. 2. Determine the total number of preference and ordinary shares outstanding.