At the current year end, Spurs Corporation declared 4,000 ordinary shares of P 100 par value in connection with a share capital dividend. The market value per share on the date of declaration was P...

 At the current year end, Spurs Corporation declared 4,000 ordinary shares of P 100 par value in connection with a share capital dividend. The market value per share on the date of declaration was P 150.  The shareholder’s equity accounts immediately before issuance of the share capital dividend shares were as follows:
          Ordinary share capital, P 100 par,50,000 shares authorized, 20,000 shares outstanding - P 2,000,000
          Ordinary Share premium  -P3,000,000
          Retained earnings  -P 1,500,000
What amount should be reported as retained earnings immediately after the share capital dividend?