Villarama Corporation was organized on Jan. 1, 2018. 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

Villarama Corporation was organized on Jan. 1, 2018. 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 Issues 1,000 ordinary shares to lawyers in payment of their bill for P50,000 pertaining to services rendered in ing the corporation organize Sep. 1 Issued 500 ordinary shares for cash at P60 per share Nov. 1 Issued 2,000 preference shares for cash at P53 per share Prepare the share capital section of the shareholders’ equity as at December 31, 2018.

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