2. LAVENDER Corporation issued 20,000 shares of its P70 par value ordinary share capital and 8,000 of its P80 par value preference share capital for a total amount of P1,800,000. At this date, the...

Extracted text: 2. LAVENDER Corporation issued 20,000 shares of its P70 par value ordinary share capital and 8,000 of its P80 par value preference share capital for a total amount of P1,800,000. At this date, the company's ordinary shares are selling at P80 per share and the preference shares are at P100 per share. What amount of the proceeds should be allocated to the preference shares? * P 800,000 9 640,000 400,000 9 600,000