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What amount should be credited to ordinary share capital

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Problem 1: In 2019, Cassandra Company issued for P110 per share, 15,000 convertible preference shares of P100 par value. One preference share may be converted into three ordinary shares of P25 par value at the option of the preference shareholder. On December 31, 2020, all of the preference shares were converted into ordinary shares. The market value of the ordinary share at the conversion date was P40. What amount should be credited to ordinary share capital on December 31, 2020?

Option 1: P1,800,000
Option 2: P1,500,000
Option 3: P1,650,000
Option 4: P1,125,000

Reference no: EM132946082

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