Adverse financial and operating circumstances warrant that Closure Eyes Company should undergo a quasi-reorganization.

The following information may be relevant in accounting for the quasi-reorganization:

• Inventory with a fair value of P2,000,000 is currently recorded in the accounts at cost of P2,500,000.
• Plant assets with a fair value of P7,000,000 are currently recorded at P8,500,000 net of accumulated depreciation.
• Individual shareholders contribute P4,000,000 to create additional capital to facilitate the reorganization. No new shares are issued.
• The par value of the share is reduced from P25 to P5.

The shareholders' equity before the quasi-reorganization comprised the following: Share capital, P25 par value, 100,000 shares authorized and outstanding - P2,500,000; Share premium - P1,750,000; and Retained earnings (deficit) - (P3,000,000).

After the quasi-reorganization, what is the balance of the share premium?