The board of directors of Jed Corporation wishes to declare a dividend whereby Ordinary Shareholders are to receive a total per share dividend of P3. The stockholders' equity on December 31, 20x3 appears as follows: 500,000 6% Preference share, P100 par cumulative, 10,000 shares authorized, 5,000 shares issued 7% Preference share, P100 par, noncumulative, 50,000 shares authorized, 20,000 shares issued Ordinary Shares, P25 par, 250,000 shares authorized and issued 2,000,000 6,250,000 Share Premium 1,500,000 Retained Earnings 6,150,000 No dividends were declared in 20x2. There were no changes in the number of shares since 20x1. How much dividends must be declared in 20x3