On December 31, 2021, PISTACHIO Company had outstanding ₱20 million 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 PISTACHIO’s ₱P10 par ordinary shares. The unamortized premium balance on December 31, 2021 is ₱350,000. The balance of Share premium 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 PISTACHIO’s ordinary share was ₱18. What is the amount credited to share premium upon conversion of the bonds? *

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