SECTION 2. Assuming that the profit for the year amounted to P450,000, prepare the Gloria Detoya Corporation was authorized to issue 900,000 shares of 5%, P100 par value preference shares and 1.5...

Extracted text: SECTION 2. Assuming that the profit for the year amounted to P450,000, prepare the Gloria Detoya Corporation was authorized to issue 900,000 shares of 5%, P100 par value preference shares and 1.5 million shares of no-par, P5 stated value ordinary 5,500 preference shares were issued to an individual in exchange for a 24,000 ordinary shares were sold to a group of investors at P24 per Problem #16 24.000 ordinary shares were sold to a group of investors at p24 Feb. 2 share. Feb. 15 parcel of land to be held for future development. The land has a far market value of P795,000. The preference shares was not activel traded. 2,500 ordinary shares were issued to a lawyer in exchange for services rendered in forming the corporation. The stock was currently trading at P31 a share. All parties agreed that this represented the value of the lawyer's services. Apr. 30 Nov. 20 Additional 7,000 ordinary shares were issued at P45 per share. Nov. 30 1,400 ordinary shares were repurchased at P35 per share. The shares are to be held in treasury. Dec. 15 Additional 1,000 preference shares were issued at P125 a share. Dec. 30 The firm sold 600 shares of the stock held in treasury at a price of P41 per share. Dec. 31 Preference dividends were declared and paid in cash. Required: - Prepare the journal entries to record these transactions. suming that the profit for the year amounted to P450,000, preps 31, olders' equity section of the statement of financial position as at eer 2018.