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What amount should be credited to share premium preference

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Question - On Feb. 1, 2021, PT Corporation issued 5,000 shares of P100 par convertible preference shares forP110 per share. One share of preference shares can be converted into 2 shares of PT Corporation's P10 par value ordinary shares at the option of the preference shareholder. On December 31, 2021, when the market was P40 per share, all of the preference shares was converted. What amount should be credited to share premium preference on February 1, 2021?

a. P45,000

b. P50,000

c. P55,000

d. P40,000

Reference no: EM133041957

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