Toyota Company has two classes of share capital outstanding consisting of 12%, P100 par value preference share and P50 par value ordinary share. The entity reported the following balances at the beginning of the curent year: Preference share capital - 5,000 shares 500,000 Ordinary share capital -50,000 shares 2,500,000 Share premium --PS 200,000 Share premium - ordinary. 500,000 Retained earnings 2,000,000 . The following data summarize the transactions for the current year: 1. Issue of ordinary share capital 2. Purchase of treasury share-ordinary 3. Share split-ordinary 4. Reissue of treasury share Shares Per share 20,000 50 5,000 2 for 1 3,000 5. Shareholders donated 15,000 ordinary shares to the corporation. Subsequently, 10,000 donated shares were reissued at P40 per share. 6. Net income for the year was P500,000. 7. Appropriated retained earnings equal to the cost of treasury shares. Required: a. Prepare journal entries to record the transactions. b. Present the shareholders' equity at year-end. Toyota Company has two classes of share capital outstanding consisting of 12%, P100 par value preference share and P50 par value ordinary share. The entity reported the following balances at the beginning of the curent year: Preference share capital - 5,000 shares 500,000 Ordinary share capital -50,000 shares 2,500,000 Share premium --PS 200,000 Share premium - ordinary. 500,000 Retained earnings 2,000,000 . The following data summarize the transactions for the current year: 1. Issue of ordinary share capital 2. Purchase of treasury share-ordinary 3. Share split-ordinary 4. Reissue of treasury share Shares Per share 20,000 50 5,000 2 for 1 3,000 5. Shareholders donated 15,000 ordinary shares to the corporation. Subsequently, 10,000 donated shares were reissued at P40 per share. 6. Net income for the year was P500,000. 7. Appropriated retained earnings equal to the cost of treasury shares. Required: a. Prepare journal entries to record the transactions. b. Present the shareholders' equity at year-end