24.

JME Corporation was organized on January 1, 2020, with an authorization of 1,200,000 shares of common share with a par value of P 6 per share. During 2020, the corporation had the following capital transactions:

January 5- Issued 900,000 shares @ P 10 per share

July 28- Purchased 120,000 shares @ P 11 per share

December 31- Sold the 120,000 shares held in treasury @ P 18 per share

Percy used the cost method to record the purchase and reissuance of the treasury shares. What is the total amount of Share Premium as of December 31, 2020?

a. P 3,600,000.

b. P 2,760,000.

c. P 4,440,000.

d. P -0-.