Villarama Corporation was organized on January 1, 2019. It is authorized to issue 20,000 shares of 6%, P50 par value preference shares, and 50,000 shares of no-par ordinary shares with a stated value of P10 per share. The following stock transactions were completed during the year:

Jan. 10 Issued 10,000 ordinary shares for cash at P35 per share.

Mar. 1 Issued 10,000 preference shares for cash at P55 per share.

Apr. 1 Issued 2,500 ordinary shares for land. The asking price of the land was P90,000; the fair

market value of the land was P85,000.

May 1 Issued 7,500 ordinary shares for cash at P40 per share.

Aug. 1 Issued 1,000 ordinary shares to lawyers in payment of their bill for P50,000 pertaining to

services rendered in helping the company organize.

Sept. 1 Issued 500 ordinary shares for cash at P60 per share.

Nov. 1 Issued 2,000 preference shares for cash at P53 per share.

Required:

Journalize the transactions.

Prepare the share capital section of the shareholders' equity as at December 31, 2019.