The Integrity Corporation was incorporated on January 1, 2014 with authorized capital 250,000 shares of P100 par value 10% preference share capital and 500,000 shares of shares c share. stated value...

The Integrity Corporation was incorporated on January 1, 2014 with authorized capital 250,000 shares of P100 par value 10% preference share capital and 500,000 shares of shares c share. stated value ordinary share capital. The shares were issued during 2014 as follows.
Jan 1 Issued for cash 62,500 preference shares at par, and 125,000 ordinary shares for P25.
May 1 Issued for cash 25,000 preference shares for P3,000,000.
Dec. 1 Issued for cash 25,000 ordinary shares for P600,000.
Instructions: Prepare the journal entries to record the foregoing transactions, including authorized share capital, assuming the use of: a. memorandum entry method. b. journal entry method.