Question: Please help me with this problem. This subject is Intermediate Accounting. Thankyou An entity issued 15,000 preference shares at par value of P10 per share.

Please help me with this problem. This subject is Intermediate Accounting. Thankyou

An entity issued 15,000 preference shares at par value of P10 per share. The preference shares have a mandatory redemption by the issuer for P120,000. Upon redemption, the journal entry includes: * None of the choices credit to retained earnings for P30,000 credit to gain on redemption for P30,000 O credit to share premium for P30,000 O debit to redeemable preference shares for P120,000

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