On July 1,2019, ABC Company issued rights to shareholders to subscribe to additional ordinary shares. One right was issued for each share owned. A shareholder could purchase one additional share for ten rights plus P 60 cash. The rights expire on September 30,2019. On July 1,2019, the market price of a share with the right attached was P 160 while the market price of one right alone was P 8. ABC Company's shareholder's equity on June 30,2019 comprise the following: Ordinary share capital, P100 par ( 4,000 shares issued and outstanding) - P400,000 Share premium - P240,000 Accumulated profits - P320,000 Assuming on July 31,2019, 2,500 share rights were exercised, by what amount would ABC company's total shareholder equity increase as a result of the exercise of share rights?

a. 25,000 b. 20,000

c. 40,000 d. 15,000