On December 31, 2021, Walmart Co. issued 100,000 shares of P10 par, 10% cumulative preference shares for P4,000,000. One detachable warrant was attached to each preference share issued. Each warrant gives the holder the right to purchase one ordinary share, P1 par value, for P15. The market value of the warrant after the preference shares were issued was P3. The warrants expire on December 31, 2022. The proceeds to be allocated to the preference shares on December 31, 2021 is? Blank 1