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What was effect of conversion on total shareholders equity

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Reference no: EM132786670

Question 1: On Jan. 18, 2020, XYZ Corp. issued 2,000 Convertible Preference Shares with P100 par value for P110 per share. One share of preference share can be converted into 3 XYZ Corp. ordinary share with P25 par value. On Dec. 29, 2020, when the market value of ordinary shares was P40 per share, all the preference shares were converted. What was the effect of conversion on total shareholders' equity?

a. Cannot be determined.
b. Increase
c. No effect
d. Decrease

Question 2: Subscription Receivable is generally classified as

a. a revenue account.
b. a liability account.
c. a shareholders' equity account.
d. an asset account.

Reference no: EM132786670

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