Celtics Company was incorporated on January 1, 2019 with the following authorized capitalization: Ordinary share capital, 200,000 shares, P100 stated value  – P20,000,000 10% Preference share capital, 200,000shares , P 50 par  –  P10,000,000 During 2019, the entity issued 150,000 ordinary shares for a total of P 18,000,000 and 50,000preference shares at P 60 per share

Celtics Company was incorporated on January 1, 2019 with the following authorized capitalization: Ordinary share capital, 200,000 shares, P100 stated value  – P20,000,000 10% Preference share capital, 200,000shares , P 50 par  –  P10,000,000 During 2019, the entity issued 150,000 ordinary shares for a total of P 18,000,000 and 50,000preference shares at P 60 per share.  In addition, on December 15, 2019, subscription for 20,000 preference shares were taken at a purchase price of P 100. These subscribed shares were paid for on June 15, 2020.  Net income for 2019 was P 5,000,000.  What amount should be reported as total contributed capital on December 31, 2019?Required to answer. Single choice.

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