On December 31, 2019, Claudine Company issued 5,000 of 8% 10-year P1,000 face value bonds with detachable warrants at 110. Each bond carried a detachable warrant for 10 ordinary shares of P100 par value at a specified option price of P120. Immediately after issuance, the market value of the bonds without warrants was P4,800,000 and the market value of the warrants was P1,200,000.

• On December 31, 2019, what is the carrying amount of bonds payable?
• What is the share premium from the subsequent exercise of all share warrants?