On December 31, 2010, Paul Company issued 200,000 shares of P100 par, 10% cumulative preference shares for P25,000,000. One detachable warrant was attached to each preference share issued.Each warrant gives the holder the right to purchase one ordinary share, P50 par value, for P100.The market value of the warrant after the preference shares were issued was P15.The warrants expire on December 31, 2011.The proceeds to be allocated to the preference shares on December 31, 2010 is

Group of answer choices

22,000,000

20,000,000

25,000,000

21,000,000