In 2019, Blue Corporation issued 15,000 shares for P 110 per share of P 100 par convertible Preference share. One share of Preference share may be converted into three shares

In 2019, Blue Corporation issued 15,000 shares for P 110 per share of P 100 par convertible Preference share. One share of Preference share may be converted into three shares of P 25 par Ordinary share at the option of the Preference shareholder. On December 31, 2019, all of the Preference shares were converted into Ordinary shares. The market value of the Ordinary share at the conversion date was P 40 per share. How many shares of Ordinary share capital were issued at the conversion date? Using data , in the preparing the journal entry for this transaction, is there an indicated gain or an indicated loss? Using data , how much is the indicated gain (loss)? If the answer is an indicated loss, put a parenthesis. Using data, in the preparing the journal entry for this transaction, how much will be credited to Ordinary Share Capital?

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