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ECE Corporation had the following shareholders accounts before the declaration of dividend. Ordinary share capital, P5 par (authorized, 500,000 shares) 1,500,000 Share premium 1,560,000 Retained

ECE Corporation had the following shareholders accounts before the declaration of dividend.

Ordinary share capital, P5 par (authorized, 500,000 shares) 1,500,000

Share premium 1,560,000

Retained earnings 1,210,000

Market value of the ordinary share on this date is P40 per share. The company declared and distributed 10% share dividend. How much is the share premium after issuance of bonus shares?

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