please answer multiple choice 3-6 with explanation

3. Berna Company's shareholders' equity accounts at January 1, 2008 were as follows: {V7-35) Share capital, P20 par P8, 000, 000 Share premium 2,550,000 Retained earnings 1,275,000 Ail shares outstanding at January 1, 2008 were issued in 2005 for P26 a share. On January 4, 2008, Berna reacquired 20, 000 shares at P24 3 share and retired them. immediately after the shares were retired, the balance in the "share premium" would be a. P2,430, 000 b. 2,470,000 c. 2,510,000 d. 2,590,000 4. in 2007, On'ando Conrpany issued for P105 per share, 8,000 shares of P100 par value convertible preference share capital. One preference share can be converted into three ordinary shares of Oriando's P25 par value at the option of the shareholder. in August 2008, all of the preference shares were converted into ordinary shares. The market value of the ordinary share on the date of conversion was P30 per share. (VT-36) What amount should be credited to share premium as a result of the issuance of the preference share and its subsequent conversion into ordinary share? a. P120, 000 to. 240,000 c. 200,000 0'. 80. 000 5. On March 1, 2006, Ria Company issued l0,000 ordinary shares with P20 par value and 20,000 preference shares with P20 par value for a total of P800,000. At this date, the ordinary share was selling for P36 and the preference share was seiiing for P27. (V7-39) What amount of the proceeds, should be allocated to the preference share capital? 3. P600,000 b. 540,000 6. 480,000 at. 440,000 6. Negros Company was incorporated on January 1. 2008, with the following authorized capitalization: (V7- 43) 200,000 ordinary shares. no par, stated value P100 per share. 200,000 preference shares, 10%, par value P50 per share. During 2008 Negros issued 150,000 ordinary shares for a total of P18, 000, 000 and 50, 000 preference shares at P60 per share. in addition, on December 15, 2008, subscriptions for 20,000 preference shares were taken at a purchase price of P100. These subscribed shares were paid for on January 15, 2009. Net PAGE 2/4 income for 2006 was P5,000,000. What should Negros report as total contributed capital on its December 31. 2008 statement of nancial position? a. P28,000,000 b. 21,000,000 c. 23,000,000 0'. 26,000, 000