Bitoin Company had the following classes of stock outstanding at December 31, 2020 Ordinary Share, P20 par P12,000,000 12% Preference Share Capital, P100 par cumulative and fully participating 6,000,000 10% Preference Share Capital, P100 par cumulative and non-participating 3,000,000 Dividends on preference shares have been in arrears for 2018 and 2019. On December 31, 2020, total cash dividends of P9,000,000 was declared. What is the amount of dividends payable to the 12% Preference Shares?

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