4. During the current year, Hyatt Company issued for P110 per share, 15,000 convertible preference shares of P100 par value. One preference share may be converted into three ordinary shares with P25 par value at the option of the preference shareholder. All of the preference shares were converted into ordinary shares at year-end. The market value of the ordinary share at the conversion date was P40. 1. What amount should be credited to ordinary share capital as a result of the conversion at year-end? a. 1,125,000 b. 1,500,000 c. 1,650,000 d. 1,800,000 2. What amount should be credited to share premium as a result of the conversion at year-end? a. 375,000 b. 525,000 c. 150,000 d. 0