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Based on the following account balances: Preference Shares, 10,000 shares, $100 par, $1,000,000 Ordinary...

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Accounting

Based on the following account balances:

  • Preference Shares, 10,000 shares, $100 par, $1,000,000
  • Ordinary Shares, 200,000 authorized, 100,000 shares issued, $30 par, $3,000,000
  • Share Premium-Preference, $200,000
  • Share Premium-Ordinary, $1,000,000
  • Retained earnings

The Preference Shares is converted into Ordinary Shares in the ratio of 1:5. What is the amount of Ordinary Shares to be recorded in the books of the corporation?

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