La Bamba Corporation was organized on January 5, 2015. The f

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La Bamba Corporation was organized on January 5, 2015. The firm's charter authorized the issuance of the following:

18% Preference Shares, P100 par, 20,000 shares

Ordinary Shares, no par, 50,000 shares ,P50 stated value

The following transactions occurred during the first three months of the year:

Jan 5- The incorporators subscribed 25% of Preference at par value and 25% of Ordinary Shares stated value. They gave 25% down payment.

Jan 30- Sold 750 shares of preference share to Allied Corporation for P105 per share. Cash was received and the shares were issued

Feb 21- Received land costing P50,000. Appraised value of land is 112,500. 1,000 preference shares were issued.

Feb 25- Legal and promotion costs were paid in cash, P75,000

Feb 28- The incorporators for ordinary shares on January 5 paid their balance.

Mar 1- Received subscription contracts from various investors to purchase 2,000 ordinary shares at P62 per share with a 25% down payment

Mar 10- 1,200 shares of the March 1 subscription was fully paid while for the 800 shares, only 50% of there balance was paid.

Mar 18- The incorporators for preference shares on January 5 paid their balance.

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