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Berna Company reported the following equity accounts at the beginning of current year: Share Capital, P20 par 8,000,000 Share Premium 2,550,000 Retained Earnings 1,275,000 All

Berna Company reported the following equity accounts at the beginning of current year:

Share Capital, P20 par 8,000,000

Share Premium 2,550,000

Retained Earnings 1,275,000

All shares outstanding at the beginning of the current year were issued for P26 a share. At year-end, the entity reacquired 20,000 shares at P24 a share and retired them.

What is the balance of the share premium?

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