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What amount should be credited to share premium

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Question - Quezon Company issued 8,000 convertible preference shares with P100 par value at P105 per share. One preference share can be converted into three ordinary shares with P30 par value at the option of the shareholder. Subsequently, all the preference shares were converted into ordinary shares. The market value of the ordinary share on the date of conversion was P30. What amount should be credited to share premium as a result of the issuance of the preference shares and the subsequent conversion into ordinary shares?

Reference no: EM133171409

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