X Ltd offered for issue ten million ordinary shares of R1 each at 120 cent per share. Applications were received, however, for only eight million shares and the directors proceeded to allot the shares applied for. Expenses of the issue amounted to R3 000. X Ltd availed itself of Act 71 of the Companies Act, 2008. What will be the balance in the Share premium account, after these transactions are accounted for? Will it be, R2000 000 or R1597 000 or R 1997 000 or R 1600 000