Redemption Island Corporation is authorized to issue 750,000 ordinary shares at P 7

Redemption Island Corporation is authorized to issue 750,000 ordinary shares at P 7.50 per share. The following transactions occurred during its first year of operation January Received from incorporators subscription for 450,000 ordinary shares at P 10.00 with 60% downpayment. Also, 50 shares were issued at par for the pre-operating expense incurred by one of the incorporators. February Issued 45,000 ordinary shares at P 8.50. March Issued 50,000 ordinary shares in exchange for equipment worth P 425,000 April Collected the balance of the subscription from January. Required: Considering the transactions above, compute for the following: (1) Ordinary Share Capital -