Share premium or additional paid in capital

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Saionasad Co. issued 8,000 convertible preferred shares with P100 par value at P105. One preferred share can be converted into three common shares with P25 par value at the option of the stockholder. Subsequently, all of the preferred shares were converted into common shares. The fair value of the common shares on the date of conversion was P30. What amount should be credited to share premium or additional paid in capital as a result of the above transactions.

Reference no: EM133253914

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