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What amount should be recorded as the increase

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Question - On December 31, 2020, Aquino. had P500,000 convertible 10% outstanding bonds payable. Each P1,000 bonds are convertible into 10 ordinary shares of P50 par value. On January 1, 2020, the interest was paid to bondholders, and the bonds were converted into ordinary shares, which had a fair value of P100. The unamortized premium on bonds payable was P10,000 at the date of conversion and no equity component was recognized when the bonds were originally issued. What amount should be recorded as the increase in share premium as a result of bond conversion?

Reference no: EM133183000

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