answer pls

Monk Company is experiencing financial difficulty and is negotiating trouble debt restructuring with its creditors to relieve its financial stress. Monk has a P3,000,000 note payable to Megabank. The bank is considering acceptance of an equity interest in Monk Company in the form of 200,000 ordinary shares valued at P12 per share. The par value of the ordinary share is P10 per share. Monk Company incurred total transaction costs of P80,000 related to the issue of shares. What is the amount of share premium to be reported by Monk in its statement of financial position as a result of the restructuring assuming the issue of equity is a conversion of debt