Peter Company acquired the net assets of Corporation on January $2,2022$ by issuing $38,000$ of its Php$20$ par value ordinary shares. As of that date, the current assets of Pan Corporation amount to Php$350,000($fair value: Php$400,000),$ the noncurrent assets amount to Php $1,600,000($fair value: Php $1,480,000),$ and the liabilities amount to Php$950,000.$

On acquisition date, Peter Company's ordinary shares had a market value of Php$25$ per share. Peter paid Php$165,000$ for audit fees to SEC in relation to the issuance of the shares for the acquisition, another Php $20,000$ as part of the issue costs, and Php$15,000$ for other acquisition fees.

How much is the increase to the share premium account under Peter's books after all entries for the acquisition have been recorded?