ABC Corporation declared 25% bonus issue to its ordinary shareholders on December 31,2021. As of this date, the corporation have a balance in their ordinary share capital account of P 5,000,000 with par value of P 50. No shares were reacquired by the corporation from its shareholders. Assuming the current market value of the share at the date of declaration is P 52, How much is charged to Retained Earnings?

a. 1,300,000

b. 1,500,000

c. 1,250,000

d. 1,000,000