65. The balance in the share premium account after the quasi-reorganization should be For items 64 to 65 Gratitude Company has incurred losses from operations for many years. At the recommendation of the newly hired president, the board of directors voted to implement a quasi-reorganization, subject to shareholders' and creditors' approval. Immediately, prior to quasi-reorganization, on Jan 1, 2020, Gratitude's statement of financial position was as follows: Assets Current assets P2,750,000 Property, Plant and Equipment (net) 6,750,000 Other Noncurrent Asset 1,000,000 Total Assets P 10,500,000 Liabilities and Shareholders' Equity Total liabilities P3,000,000 Ordinary shares, P10 par 8,000,000 Share premium 1,500,000 Retained earnings (2,000,000) Total Liabilities and Shareholders' Equity P10,500,000 The shareholders and creditors approved the quasi-reorganization effective January 1, 2020, to be accomplished by a reduction in property, plant and equipment (net) of P1,750,000, a reduction in other noncurrent assets of P750,000 and a reduction in par value from P10 to P5