Celestial Inc. issued 8,000 shares of its P10 par ordinary shares to a CPA for 600 hrs. of accounting services rendered. A CPA usually bills P500 per hour of legal service. On this date of issuance,...

Celestial Inc. issued 8,000 shares of its P10 par ordinary shares to a CPA for 600 hrs. of accounting services rendered. A CPA usually bills P500 per hour of legal service. On this date of issuance, the share was selling at public trading at P20 per share. By what amount should the share premium account of Celestial Inc. increase as a result of the above transaction. *