16. Christelle Company has incurred heavy losses since the inception of operations. The board of directors voted to implement a quasi. reorganization, subject to approval of shareholders. Immediately prior to the restatement, the shareholders' equity was as follows: Share capital, P100 par, 600,000 shares 50,000,000 Share premium 5,000,000 Retained earnings (deficit) ( 8,000,000) The shareholders approved the quasi-reorganization to be accomplished by: Reduction of inventory 2,000,000 Reduction of property, plant and equipment 4,000,000 Writeoff of goodwill 1,000,000 Appropriate adjustment is made to the capital structure against share premium first and any remaining deficit against the share capital account. To implement the quasi-reorganization, the share capital account should be reduced by what amount? 10,000,000 b. 15,000,000 c. 20,000,000 d 3,000,000