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How much should KUYA WIL credit to Share Premium

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Question - During 2019, KUYA WIL CORP. issued 10,000 shares of P100 par value convertible preference share for P110 per share. One preference share can be converted into 3 shares of KUYA WIL's P25 par ordinary share at the option of the preference shareholder. On December 31, 2020, when the market value of the ordinary share was P40, the entire preference share was converted. How much should KUYA WIL credit to Share Premium as a result of the conversion?

Reference no: EM133072819

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