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What amount of share premium from issuance should recorded

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Question - After recording interest and amortization, an entity converted P3,750,000 of 10% convertible bonds into 50,000 shares of P50 par value. On the conversion date, the carrying amount of the bonds payable was P4,500,000, the market value of the bonds was P4,875,000, and the share was publicly trading at P100.

The entity incurred P70,000 in connection with the conversion. When the bonds were originally issued, the equity component was recorded at P1,125,000.

What amount of share premium from issuance should be recorded as a result of the conversion?

Reference no: EM132980943

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