52 What is the retained earnings balance on January 1,2019 before restatement?* (1 Point) V Company provided the following information for the year ended December 31,2019: Profit 2,000,000 Total assets 14,950,000 Share capital 5,600,000 Share premium 2,400,000 Dividends declared 1,200,000 Prior period adjustment for 500,000 2018 gverdepreciation The debt to equity ratio is 30% at December 31,2019. P 3,200,000 P1,165,000 P2.165,000 P2,200,000 53 ABC Corporation has a convertible preference shares with a 2 for 1 ordinary share conversion basis. Other relevant information on January 31, 2021 is as follows: Preference Share, P40 par, 50,000 shares issued and outstanding- P2,000,000 Ordinary Share Capital, P50 par, 80,000 shares issued and outstanding- P4,000,000 Share Premium-Preference - P300,000 Share Premium-Ordinary-P600,000 Retained Earnings-P750,000 Assuming a 30,000 preference shares was converted, how much will be charged to Retained Earnings as a result of conversion? (1 Point) PO P630,000 O P112,500 P120,000