1 pts An entity reported the following information on December 31, 2019: Ordinary share capital 110,000 shares Convertible noncumulative preference share capital 20,000 shares 10% convertible bonds...

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Extracted text: 1 pts An entity reported the following information on December 31, 2019: Ordinary share capital 110,000 shares Convertible noncumulative preference share capital 20,000 shares 10% convertible bonds payable P2,000,000 Share options to purchase 60,000 shares at P15 were outstanding. Market price of ordinary share was P25 on December 31, 2019 and averaged P20 during the year. No value was assigned to the share options. The entity paid preference dividends of P5 per share. The preference shares are convertible into 40,000 ordinary shares. The 10% bonds are convertible into 30,000 ordinary shares. The net income for 2019 is P650,000. The tax rate is 30%. What is the total number of potential ordinary shares?