On July 1, Riverwalk Corporation issued 2,000 shares of its P10 par common and 4,000 shares of its P10 par preferred stock for a lump sum of P80,000. At this date, Riverwalk's common stock was selling for P18 per share and the preferred stock for P13.50 per share. The share premium or APIC from preferred stock would increase by what amount?

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