3 Question 10 1 pts During 2019, ABC Company issued 50,000, P100 par value convertible preference shares for P120 per share. One preference share can be converted into three ordinary shares at P50 par value. on December 31, 2019, when the market value of the ordinary shares was P60, all of the preference shares were converted. What amount should be debited to retained earnings as a result of the conversion? At December 31, 2018 and 2019, ABC Company had outstanding 4,000 shares of P100 par value 12% cumulative, fully participating preference share and 20,000 of P10 par value ordinary share. At December 31, 2018, dividends in arrears on the preference share were P24,000. Cash dividends declared in 2019 totaled P108,000. What are the amounts of dividend per share on the preference and ordinary? Preference Ordinary 20.00 1.40 20.00 1.80 18.00 1.40 18.00 1.80 A. B. C. O A C Question 9 1 pts ABC Corporation was incorporated on January 2, 2019. The following information pertains to ABC's ordinary share transaction during the year. January 1 Number of shares authorized 80,000 February 1 Number of shares issued 60,000 July 1 Number of shares reacquired but not canceled 5.000 December 1 Two-for-one share split What is the number of ABC Corporation's ordinary share outstanding at December 31 2019