Subscription of Shares Gabayan, Inc. has been authorized to issue 125,000 shares of P10 par ordinary shares The following 2019 transactions relate to the initial issuance of Gabayan share: Feb. 1...

Answer in a memorandum entry

Extracted text: Subscription of Shares Gabayan, Inc. has been authorized to issue 125,000 shares of P10 par ordinary shares The following 2019 transactions relate to the initial issuance of Gabayan share: Feb. 1 Gabayan sold subscriptions for 25,000 shares of stock. The shares have a subscription price of P15 per share. One-third of the subscription price was received as a down payment. 15 Gabayan sold 10,000 shares for P180,000. Mar. 1 An installment amounting to one-third of the subscription price was received. 19 Gabayan exchanged 200 shares of stock for a new two-way radio system having a fair market value of P3,800. Apr. 1 The final one-third of the subscription price was received and the share issued. Required: Prepare journal entries to record the transactions.