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How much should lamb credit to share premium

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Problem 1: During 2016, Lamb Company issued 10,000 shares of P100 par value convertible preference share for P110 per share. One preference share can be converted into 3 shares of Lamb's P25 par ordinary share at the option of the preference shareholder. On December 31, 2017, when the market value of the ordinary share was P40, the entire preference share was converted. How much should Lamb credit to Share premium as a result of the conversion?

Reference no: EM132678550

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