Provide all the necessary solution per journal entry and explanation. Thank you.

Tictac Co. was organized on June 1, 2021 with authorized share capital as follows: 60,000 shares of 9% Preference Share Capital, P100 par 220,000 shares of Ordinary Share Capital, P20 par During the fiscal year, the following transactions were completed in the order given: a. 30,000 preference shares were subscribed for P102 and 80,000 ordinary shares were subscribed for P23. Both subscriptions were payable 30% upon subscription, the balance in one payment. b. The second subscription payment was made, except one subscriber for 5,000 ordinary shares defaulted on payment. All the fully paid shares were issued. c. 12,000 ordinary shares were reacquired by Tictac Co. @ P25 per share. d. 15,000 preference shares were reacquired by Tictac Co. @ 180 per share. e. 3,000 preference shares in the treasury were exchanged for a machine with a fair market value of P630,000 f. Reissued 4,000 ordinary shares in the treasury @ P22 per share. g. A major shareholder donated 100,000 ordinary shares to Tictac Co. when the current market price is P24 per share. h. All the donated ordinary shares were sold at P30 per share. i. P70,000. Received the donated equipment from Zalini Enterprises. Its fair market value was j. Net Income for the fiscal year amounted to P1,480,000. Instructions: 1. Prepare the journal entries to record the transactions given above. 2. Prepare the Shareholders' Equity section as of May 31, 2022