Gall Corporation paid dividends of P500,000 and P1,600,000 at the end of 2021 and 2022, respectively. The corporation has not paid any other dividends since its organization on January 1, 2021. The...

Extracted text: Gall Corporation paid dividends of P500,000 and P1,600,000 at the end of 2021 and 2022, respectively. The corporation has not paid any other dividends since its organization on January 1, 2021. The outstanding shares are 50,000, 12% preference shares, par P100 and 80,000 ordinary shares, par P50. The company has 20,000 ordinary shares in the treasury reacquired at 60 per share. If preference shares are non-cumulative but participating, how much cash dividends shall the ordinary shareholders will receive in 2022?