An entity issues shares as consideration for the purchase of inventory. The shares were issued on January 1, 20X4. The inventory is eventually sold on December 31, 20X5. The value of the inventory on...

An entity issues shares as consideration for the purchase of inventory. The shares were issued on January 1,

20X4. The inventory is eventually sold on December 31, 20X5. The value of the inventory on January 1, 20X4,

was P3 million. This value was unchanged up to the date of sale. The sale proceeds were P5 million. The shares

issued have a market value of P3.2 million.

Requirement: Provide all the entries in 20x4 and 20X5.