Last August 7, 2021, Violet Company issued 2,000 shares of its P10 par value ordinary share capital in exchange for a piece of land to be held for a future plant site. Violet Co.'s ordinary share capital was listed and traded at P27 per share on the same date. The land has no known market value. How much is the increase in ordinary share premium resulting from this exchange?

a.) P40,000

b.) P20,000

c.) P0

d.) P34,000

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