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Timber Company presented a statement of financial position containing the following accounts among others: Subscriptions receivable - preference Subscriptions receivable - ordinary Preference share capital, P100 par, authorized 100,000 shares, issued and outstanding 22,000 shares Preference share capital subscribed, 2,000 shares Ordinary share capital, P10 par value, authorized 200,000 shares, issued and outstanding 24,000 shares Ordinary share capital subscribed, 24,000 shares Share premium preference Share premium ordinary 120,000 360,000 2,200,000 200,000 240,000 240,000 80,000 950,000 The corporation was organized at the beginning of current year and immediately received subscriptions to 20,000 preference shares. Subscriptions to ordinary shares were received on the same date. . During the year, subscriptions were received for an . additional 4,000 preference shares at a price of P120 per share. Cash payments.were received from subscribers at frequent intervals for several months after subscription. The entity followed a policy of issuing share certificates only when subscribers had paid in full. During the year, the entity issued 8,000 ordinary shares in exchange for a tract of land with a fair value of P230,000. Required: a.. Prepare journal entries out during the year as indicated by the account balances. b. Compute the amount of contributed capital for each class of share capital at year-end. 743