Jerico Corporation was organized on January 1, 2021 with authorized capital of P2,000,000 consisting of 100,000 ordinary shares, P20 par value. Subsequently, incorporators subscribed for 25,000 shares at P24. How much must be paid up upon subcription to comply with the requirement of the Securities and Exchange Commission?

a.) P150,000

b.) P500,000

c.) P125,000

d.) P600,000

SHOW COMPLETE SOLUTION