Karen Company provides the following balances at the end of 2018?

1. Mineral Deposit, cost - Php 20,000,000
2. Accumulated Depletion 7,000,000
3. Ordinary Share Capital 5,000,000
4. Share Premium 2,000,000
5. Capital Liquidated (800,000)
6. Accumulated Profits free portion 9,000,000
7. Accumulated Profits appropriated for contingencies 800,000
8. Inventory of Resource Deposit (120,000 units) 1,440,000
9. Depletion Rate per Unit Php 6

Required: How much is the maximum amount of dividends that can be declared by Karen Company?