Vix Company owned 50,000 ordinary shares of Bis Company. These 50,000 shares were purchased by Vix for P60 per share. On September 1, Bis distributed 50,000 share rights to Vix. Vix was entitled to buy one new share of Bis Company for P45 cash and two of these rights. On September 1, each share had a market value of P65 and each right had a market value of P10. What total cost should be recorded for the new shares that are acquired by exercising the rights? a. P2,750,000 c. P1,625,000 b. P1,525,000 d. P1,125,000