During the current year, Roselle Company issued 10,000 ordinary shares with P200 par value and 20,000 convertible preference shares with P200 par value for a total consideration of P8,000,000. On the date of issuance, the ordinary shares is selling at P360 and the preference shares is selling at P270.

What amount of the proceeds should be allocated to the convertible preference shares?

Answer rating: 100% (QA)

Total consideration 8000000 Number of convertible pref... View the full answer