On January 5, 2021, MMC Corporation was authorized to issue 100,000 ordinary shares at P20 par value. The following are the corporation's capital stock transactions:
Jan. 5
Five incorporators subscribed 25,000 shares each at par, paying 25% down payment.
Jan. 6
Received 10,000 shares subscriptions at par.
Jan. 8
Issued 2,000 shares at P21 per share for cash.
Jan. 13
Collected in full the subscriptions in 6th.
Jan. 14
Received a piece of land in exchange of 30,000 shares issued. The fair value of the land is P650,000.
Jan. 15
Issued 100 shares to the lawyer in payment for his legal work valued at P2,000.
Jan. 17
Collected one-half of the balance of the incorporators' subscriptions.
Jan. 20
Subscriptions for 1,000 shares at par was received, 10% downpayment paid.
Jan. 25
Collected in full the incorporators' subscriptions.
Jan. 31
Collected 25% of the subscription balance on the 20th
Requirement: Journalize the foregoing transactions including issuance of certificates using:
1. Journal Entry method