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How many shares of ordinary share capital were issued

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Reference no: EM133027002

Question - In 2019, Blue Corporation issued 15,000 shares for P 110 per share of P 100 par convertible Preference share. One share of Preference share may be converted into three shares of P 25 par Ordinary share at the option of the Preference shareholder. On December 31, 2019, all of the Preference shares were converted into Ordinary shares. The market value of the Ordinary share at the conversion date was P 40 per share.

How many shares of Ordinary share capital were issued at the conversion date?

Is there an indicated gain or an indicated loss?

How much is the indicated gain (loss)?

Reference no: EM133027002

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