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49) On December 31, 2016, Thyro Company shows the following data with respect to its matured obligation. Note payable P5,000,000 Accrued interest payable 500,000 The company is threatened with court suit if it count not pay its maturing debt. Accordingly, the company enters into an agreement with the creditor for the issuance of share capital in full settlement of the note payable. The agreement provides for the issue of 50,000 ordinary shares with par value of P50. The ordinary share is currently quoted at P70. How much is the share premium arising from the debt restructuring considered as "equity swap"? A. 3,000,000 B. 1,500,000 C. 2,000,000 D. 1,000,000