The December 31, 2020 condensed Statement of Financial Position of ALL STAR Entertainment Services, a sole proprietorship of RATTLETRAP follows:

Current Assets P 1,400,000 Property, Plant and Equipment net 1,300,000 P 2,700,000 Liabilities P 700,000 RATTLETRAP, Capital 2,000,000 P 2,700,000

On January 15, 2020, ALL STAR Entertainment Services was incorporated with 10,000 shares of P100 par value common shares issued. Prior to incorporation, Mr. RATTLETRAP had determined the following fair market values:

Current Assets P 1,600,000 Property, Plant and Equipment 2,100,000 Liabilities 700,000

1. What amount should be credited to Share Premium?

A. P3,200,000

B. P2,300,000

C. P2,500,000

D. P2,000,000