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What total amount be credited to share premium-ordinary

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Problem 1: In 2020, Ozz, Inc., issued for 103 per share, 60,000 shares of 100 par value convertible preference shares. One share of preference shares can be converted into three shares of Ozz's 25 par value ordinary shares at the option of the preference shareholder. In August 2021, all of the preference shares were converted. The fair value of the ordinary shares at the date of the conversion was 30 per share. What total amount should be credited to share premium-ordinary as a result of the conversion of the preference shares into ordinary shares?

a. 1,020,000.
b. 780,000.
c. 1,500,000.
d. 1,680,000.

Reference no: EM132928212

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