Answer with solution and explanation

Ordinary share capital, P100 par, 50,000 shares Share Premium Retained Eamings P5,000,000 500,000 2,500,000 Case 1. All the 50,000 shares are called in for cancelation. Instead, 50,000 no-par shares with stated value of P50 are issued. Case 2. All the 50,000 shares are called in for cancelation. Instead, 50,000 no-par shares with stated value of P150 per share are issued