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ABC Corporation has a convertible preference shares with a 2 for 1 ordinary share conversion basis. Other relevant information on January 31, 2021 is as follows: Preference Share, P40 par, 50,000 shares issued and outstanding- P2,000,000 Ordinary Share Capital, P50 par, 80,000 shares issued and outstanding- P4,000,000 Share Premium-Preference-P300,000 Share Premium-Ordinary-P600,000 Retained Earnings-P750,000 Assuming a 30,000 preference shares was converted, how much will be charged to Retained Earnings as a result of conversion? PO P630,000 O P112,500 O P120,000