Apple Company issued 8,000 convertible preference shares with P100 par value at P105 per share. One preference share can be converted into three ordinary shares with P25 par value at the option of the shareholder. Subsequently, all of the preference shares were converted into ordinary shares, and the

market value of ordinary shares on the date of conversion was P30. What total amount should be credited to share premium as a result of the issuance and subsequent conversion of preference shares into ordinary shares?

A. 80,000

B. 200.000

C. 240,000

D. 120.000