Roy and Gil are partners sharing profits and losses in the ratio of 1:2, respectively. On July 1, 2015, they decided to form the R & G Corporation by transferring the assets and liabilities from the partnership to the Corporation in exchange of its shares. The following is the post-closing trial balance of the partnership: Cash....... Accounts Receivable (net) Inventory ............ Fixed Assets (net) Liabilities .......... Roy, Capital ........ Gil, Capital............. Debit ..... P 45,000 60,000 90,000 174,000 Accounts Receivable..... Inventory ...... Fixed Assets ..... Credit P 60,000 94,800 214,200 P369,000 P369,000 It was agreed that adjustments be made to the following assets to be transferred to the corporation: P 40,000 68,000 180,600 The R & G Corporation was authorized to issue P100 par preferenced shares and P10 par ordinary share. Roy and Gil agreed to receive for their equity in the partnership 720 ordinary share each, plus even multiples of 10 shares for their remaining interest. The total number of shares of preference and ordinary share issued by the Corporation in exchange of the assets and liabilities of the partnership are: Preference Share Ordinary Share 1,500 shares 1,440 shares a. 2,540 shares b. 2,592 shares Preference Share C. 2,642 shares 2,642 shares d. Ordinary Share 1,440 shares 1,550 shares (PhilCPA)