Problem 2 Oricon Paper Corporation started its business on May 1, 2018. Based on its Articles of Incorporation the corporation is authorized to issue 500,000 ordinary shares with P 20 par value per share. Presented below is the corporations contributed capital as of December 31, 2018:

Ordinary Share Capital P 3,000,000

Ordinary Share Premium 750,000

Question:

(a) How many shares were issued as of December 31, 2018?

(b) Based on the given balances as of December 31, 2018, how much is the original issued price per share? Assuming all issued shares were sold for the same price.