The Resty Company issued 200,000 new P1 ordinary shares at a fair value of P1.80 each. Resty identified the following costs in relation to the share issue:  Professional fees of P40,000.  Internal...

The Resty Company issued 200,000 new P1 ordinary shares at a fair value of P1.80
each. Resty identified the following costs in relation to the share issue:
 Professional fees of P40,000.
 Internal management time in managing the process of P30,000.
These costs are deductible in arriving at the entity’s income tax liability. The
current rate of tax is 30%.
In accordance with PAS32 Financial instruments: presentation, the increase in
equity in the statement of financial position of Resty as a result of the transaction
will be
a. P360,000
b. P332,000
c. P320,000
d. P311,000