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The justice corporation is authorized to issue 50,000 shares of ordinary share capital with a stated...

The justice corporation is authorized to issue 50,000 shares of ordinary share capital with a stated value of P20. The following transactions have taken place in relation to the share capital.

a. Issued 12,500 shares for cash at stated value.

b. Issued 2,500 shares to attorneys for services in securing corporate charter and for preliminary legal costs of organizing the corporation. The value of the services was P70,000.

c. Issued 2,000 shares to the corporate promoters. Each ordinary share is selling at P25 on this date.

d. Issued 10,000 shares in exchange for land valued at P300,000

e. Issued for cash 5,000 shares at P24 per share

Prepare the journal entries to record the preceding transactions, including authorized capital, using the memo entry method.

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