Miracle Company manufacturers a product that is packaged and sold. On January 1, 2020 the Company introduced a premium system to promote its sales. Each sale is accompanied by 3 coupons to be able to purchase a plate. A plate is offered to customers sending in two coupons accompanied by a remittance of P2.

Date with respect to the premium offer are summarized below. 

                                                                                      2021                           2020

 Sales @ P250 per unit                                   P4,200,000                    P3,600,000

Purchase of premium                                       P600,000.                      P390,000

 Estimated number of plates that will be distributed. 80%                      70%

 Premiums distributed during the year.             17,000                              13,000

 Remaining premiums at the end of the year.    49,000                             13,000

Distribution cost P5 per plate

How much is the premium expense for 2020?