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What would be the balance of share premium

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Question - ABC Corporation's performance during the last three years had not been favorable resulting to a deficit of P950,000 at December 31, 2020. The company, with the approval of the shareholders, decided to eliminate the deficit through quasi- reorganization which would be effected as follows: The company's 200,000, P20 par ordinary share capital originally issued at an average price of P22 would be reissued with par value of P15. Immediately after the quasi-reorganization, what would be the balance of share premium?

Reference no: EM133070419

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