Global Company, a real estate developer, is owned by five founding sharcholders. Oa December 1, 2019, the entity declared a property dividend of a -one-bedroom flat" for each shareholder. The property dividend is payable on January 31, 2020. On December 1, 2019, the carrying amount of a one-bedroom flat is P1,000,000 and the fair value is P1,500,000. However, the fair value is P1,800,000 on December 31, 2019 and P1,900,000 on January 31, 2020. How much should be charged to retained earnings during 2019 in relation to the property dividends?

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