On May 1, 2020, ABC Corporation, a newly formed company had the following share capital issued and outstanding: ·      Ordinary share capital, P10 par, 20,000 shares originally issued for P30 per share. ·      Preference share capital, P100 par, 600 shares originally issued for P 500 per share.   21. What is the amount of Ordinary share capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity? a. 60,000 b. 200,000 c. 400,000 d. 640,000   22. Based on Item 21, what is the amount of Preference share capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity? a. 60,000 b. 200,000 c. 400,000 d. 640,000   23. Based on Item 21, what is the amount of additional paid in capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity? a. 200,000 b. 240,000 c. 400,000 d. 640,000   24. Based on Item 21, what is the amount of contributed capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity? a. 640,000 b. 600,000 c. 260,000 d. 900,000   25. Based on Item 21, what is the amount of legal capital that ABC Corporation should report in its May 1, 2020 statement of shareholder’s equity? a. 640,000 b. 600,000 c. 260,000 d. 660,000