Question: What is the proper solution for this problem? Subject: Accounting 6. Laguna Corp. was organized on January 2, 2021, with 60,000 authorized ordinary shares of

What is the proper solution for this problem?

Subject: Accounting

6. Laguna Corp. was organized on January 2, 2021, with 60,000 authorized ordinary shares of P75 par. During 2021, Laguna Corp. had the following capital transactions: January 8 Issued 35,000 shares in exchange of a land with a fair value of P3,000,000. The ordinary share was actively selling at P80 per share. March 1 Received subscription of 10,000 shares at P83 per share with 60% of the subscription price as downpayment. June 15 Received 1,000 shares as donation from a shareholder which was immediately sold at P78 per share even though the fair value of the shares at that time was P83 per share. August 1 Purchased 2,000 own shares at P70 per share. December 30 Net income totaled P425,000. What is the total amount of shareholders' equity at December 31, 2021 as a result of the above transactions

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