On January 1, 2020, Arnold Inc. has the following account balances: · Share capital, P10 par, 225,000 issued and outstanding shares: 2,250,000 · Share premium: 1,500,000 · Retained Earnings: 2,000,000

On January 1, 2020, Arnold Inc. has the following account balances: ·         Share capital, P10 par, 225,000 issued and outstanding shares: 2,250,000 ·         Share premium: 1,500,000 ·         Retained Earnings: 2,000,000 During the year 2020, the following transactions took place: ·         Acquired 10,000 treasury shares for P50 per share ·         Reissued 5,000 treasury shares at P60 per share ·         Reissued 2,000 treasury shares at P45 per share ·         Net income for the year was P2,500,000 is the balance of Share Premium by December 31, 2020? a. 1,500,000 b. 2,550,000 c. 1,560,000 d. 1,540,000

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