The Savor Corporation was organized on May 1, 2014 and is authorized to issue 500,000 shares of ordinary share capital. Subsequently, 250,000 shares were issued at P25 per share.

Prepare the journal entries to record authorized share capital and the issuance of the 250,000 shares using the memorandum entry method under each of the following independent assumptions:

1. Each ordinary share has a par value of P20.

2. Each ordinary share has a stated value of P15.

3. The ordinury shares have no par and no stated value.