15. The equity of FGH Company at July 31, 2016 is presented below: Share capital—ordinary, par value P20, authorized 400,000 shares; issued and outstanding 160,000 shares P3,200,000 Share...

15. The equity of FGH Company at July 31, 2016 is presented below: Share capital—ordinary, par value P20, authorized 400,000 shares; issued and outstanding 160,000 shares P3,200,000 Share premium—ordinary 160,000 Retained earnings 650,000 On August 1, 2016, the board of directors of FGH declared a 15% share dividend on ordinary shares, to be distributed on September 15th. The market price of FGH’s ordinary shares was P35 on August 1, 2016, and P38 on September 15, 2016. What is the amount of the debit to retained earnings as a result of the declaration and distribution of this share dividend?