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What is the balance of ordinary shares account

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Question - On December 31, 2020, the shareholders' equity of BSA Corporation showed 10,000 authorized shares P1,000 par value 6% Preference Share, 1,000 shares issued and outstanding; Share Premium-Preference P300,000; 500,000 shares P5 par value Ordinary shares authorized, 200,000 shares issued, 190,000 shares outstanding; Share Premium-Ordinary P400,000, Retained Earnings P500,000 and Treasury Stock P100,000. No dividends were declared in 2018 and 2019. The treasury shares were reissued at P12 per share. What is the balance of ordinary shares account and total shareholders' equity, respectively?

A) P1,000,000 and P3,120,000

B) P1,020,000 and P3,120,000

C) P1,070,000 and P3,220,000

D) P1,000,000 and P3,220,000

Reference no: EM133113480

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