amount credited to share premium from ordinary shares?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Point Company issued 25,000 shares of its P50 par ordinary and 40 shares of its P25 redeemable preference for a total amount of P3,000,000. The redeemable preference shares had a mandatory redemption date 2 years after their issuance. At the date of issue, the ordinary shares had a market value of P65 per share and the preference shares are selling at P30 per share. What is the amount credited to share premium from ordinary shares? 

 
 
 
 
 
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