28 ABC Company has sustained heavy losses over a period time and conditions warrant that ABC undergo a quasi re-organization at December 31, 2019. Selected balance sheet items prior write down and quasi-reorganization are as follows: Property, plant and equipment were recorded in the accounting records at December 31, 2019, at P12,000,000, net of accumulated depreciation. The recoverable value is P3,000,000. Stockholders' equity on December 31, 2019 was as follows: Ordinary share, par value P10 per share authorized, issued and outstanding 700,000 shares- P7,000,000; Share premium- P1,600,000; Retained earnings (deficit)- (P600,000) Under the terms of the quasi re-organization, the par value of the ordinary share is to be reduced from P10 per share to P5 per share Immediately after the quasi-reorganization has been accomplished, the total stockholders' equity should be: To input answers, kindly follow the sample format below(no peso sign, with comma, no space): ex. 100,000 Failure to follow the format will invalidate your answer. (1 Point) Enter your answer 29 Quasi-reorganization effected thru recapitalization includes, except * (1 Point) creating enough share premium to absorb the deficit in the corporation results to a zero balance in the retained earnings account after recapitalization. creating enough revaluation surplus that can absorb the deficit thru revaluation of property, plant and equipment decreasing the par value of the shares which results to the increase the balance of the share premium account