On July 1, 2020, after recording interest and amortization, Yen Co. converted P1,000,000 of its 12% convertible bonds into 50,000 shares of P1 par value ordinary share. On the conversion date the carrying amount of the bonds was P1,300,000, the fair value of the bonds was P1,400,000, and Yens ordinary share was publicly trading at P30 per share.

What amount of share premium should Yen record as a result of the conversion?

Group of answer choices

1,500,000

1,250,000

1,350,000

950,000