ARISE Co. has suffered operating losses for some time, but is now operating profitably and expects to continue to do so. Current and projected income, however will not be sufficient to eliminate the deficit in the near term. It also appears that plant assets are overstated considering current prices and economic conditions. After receiving permission from the government authorities and approval from shareholders, the board of directors decides to restate the company assets and paid-in capital balances in order to remove the deficit and make possible the declaration of dividends from profitable operations. A balance sheet for the company just prior to this action is presented: Current Assets 250,000 P.P.E 1,500,000 Accumulated Depreciation (600,000) Total 1,150,000 Liabilities 300,000 Ordinary shares, P10 par, 100,000 shares 1,000,000 Share Premium 100,000 Retained Earnings (deficit) (250,000) Total 1,150,000 Assuming that the quasi reorganization shall be accomplished as follows: a. Property, plant and equipment are to be reduced to their present fair market value of P800,000 b. Inventories are to be written down by P50,000 C. Unaccrued liabilities shall be recognized at P150,000 d. Ordinary shares are to be reduced to a par value of P5 What is the balance of share premium after the quasi reorganization