On Feb. 1, 2021, PT Corporation issued 5,000 shares of P100 par convertible preference shares forP110 per share. One share of preference shares can be converted into 2 shares of PT Corporations P10 par value ordinary shares at the option of the preference shareholder. On December 31, 2021, when the market was P40per share, all of the preference shares was converted. What amount should be credited to share premium preference on February 1, 2021?

P50,000

P40,000

P45,000

P55,000