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What amount of proceeds allocated to ordinary share

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Jerell Company issued 20,000 shares of its P10 par value ordinary share and 40,000 shares of its P10 par value convertible preference share for a total of of P1,800,000. At this date, Jerell's ordinary share was selling P20 per share and the convertible preference share was selling for P30 per share.

Question 1: What amount of the proceeds should be allocated to the ordinary share?

Reference no: EM132466953

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