Point Company issued 25,000 shares of its P50 par ordinary and 40 shares of its P25 redeemable preference for a total amount of P3,000,000. The redeemable preference shares had a mandatory redemption...

Point Company issued 25,000 shares of its P50 par ordinary and 40 shares of its P25 redeemable preference for a total amount of P3,000,000. The redeemable preference shares had a mandatory redemption date 2 years after their issuance. At the date of issue, the ordinary shares had a market value of P65 per share and the preference shares are selling at P30 per share. What is the amount credited to share premium from ordinary shares?