Nellie Company provided the following information at the end of each year: 2020 2019 Borrowings 2,500,000 800,000 Share capital 3,500,000 2,000,000 Retained earnings. 950,000 750,000

Borrowings of 300,000 were paid during 2020 and a new borrowing include P200,000 vendor financing arising on the acquisition of property. The movement in retained earnings comprised profit for 2020 of 900,000 and 700,000 net of cash dividend paid to the shareholders. The movement in share capital arose from issuance of share capital for cash during the year.

What is the amount of cash dividend declared and paid during the current year?