The equity of FRO company at 31 July 2021 is presented below: [Ordinary shares, P20 par, 200,000 shares issued P4,000,000] [Reserves 160,000) (Retained earnings 650,000] [Total P4,810,000] On 1 August 2021, the board of directors of FRO declared a 15% shares dividend on ordinary shares, to be distributed on 15 September. The market price of FRO's ordinary shares was P35 on 1 August 2021, and P38 on 15 September 2021. What is the amount of the debit to retained earnings as a result of the declaration and distribution of this shares dividend? * P1,050,000 P600,000 O P1,140,000 O P750,000