The December 31, 2020 condensed Statement of Financial Position of SUPERSTAR Entertainment Services, a sole proprietorship of MOLLY follows:

Current Assets P 2,800,000

Property, Plant and Equipment net 2,600,000

P 5,400,000

Liabilities P 1,400,000

MOLLY, Capital 4,000,000 P 5,400,000

On January 15, 2020, SUPERSTAR Entertainment Services was incorporated with 20,000 shares of P100 par value common shares issued. Prior to incorporation, Mr. MOLLY had determined the following fair market values:

Current Assets P 3,200,000

Property, Plant and Equipment 4,200,000

Liabilities 1,400,000

What amount should be credited to Share Premium upon incorporation?