Cove Corp. issued 6% bonds with a maturity value of P6,000,000, together with 100,000 shares of its P5 par value ordinary shares, for a combined cash amount of P11,000,000. The market value of Cove's...

Cove Corp. issued 6% bonds with a maturity value of P6,000,000, together with 100,000 shares of its P5 par value ordinary shares, for a combined cash amount of P11,000,000. The market value of
 Cove's shares cannot be ascertained. If the bonds were issued separately, they would have sold for  P4,000,000 on an 8% yield to maturity basis. What amount should Cove report for share premium
 on the issuance of the shares?