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What amount should be reported for share premium

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At the beginning of the current year, Cove company, a closely-held entity, issued 6% bonds with a maturity value of P6,000,000, together with 10,000 ordinary share of P50 par value, for a combined cash amount of 11,000,000, if the bonds were issued separately, they would have sold for P4,000,000 on an 8% yield to maturity basis.

Problem 1: What amount should be reported for share premium on the issuance of the ordinary shares?

Reference no: EM132738002

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