At the current year end, Spurs Corporation declared 4,000 ordinary shares of P 100 par value in connection with a share capital dividend. The market value per share on the date of declaration was P 150. The shareholders equity accounts immediately before issuance of the share capital dividend shares were as follows: Ordinary share capital, P 100 par,50,000 shares authorized, 20,000 shares outstanding - P 2,000,000 Ordinary Share premium -P3,000,000 Retained earnings -P 1,500,000 What amount should be reported as retained earnings immediately after the share capital dividend?

a. P1,500,000

b. P2,100,000

c. P900,000

d. P1,100,000