On December 31, 2021, HULK Corporation had outstanding ₱20,000,000 face value convertible bonds maturing on December 31, 2024. Interest is payable annually on December 31. Each ₱1,000 bond is convertible into 60 shares of HULK’s ₱10 par ordinary shares. The unamortized premium balance on December 31, 2021 is ₱350,000. The balance of Paid-in capital arising from bond conversion privilege is ₱640,000. On this date, an individual holding 2,000 of the bonds exercised the conversion privilege when the market value of HULK’s ordinary share was ₱18. What is the amount credited to share premium upon conversion of the bonds? * ₱ -0- ₱ 899,000 ₱ 800,000 ₱ 1,790,000

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