On January 1, 2019, N Company had five outstanding ordinary shares. On December 31, 2019, Norton declared dividends on the ordinary shares. The corporation decided to give the ordinary shareholders a...

On January 1, 2019, N Company had five outstanding ordinary shares.  On December 31, 2019, Norton declared dividends on the ordinary shares.  The corporation decided to give the ordinary shareholders a choice between receiving a cash dividend of P10,000 per share or a property dividend in the form of a noncash asset.  Each noncash asset has a fair value of P12,000. The corporation estimated that 40% of the ordinary shareholders will take the option of the cash dividend and 60% will elect for the noncash asset.  How much is the dividends payable on December 31, 2019?