Provide complete solution: The shareholders' equity section of the Solutions Company as of December 31, 2020 consisted of the following: Share capital, P30 par, 100,000 shares outstanding - P3,000,000; Share premium - P1,500,000; Accumulated profits (deficit) - P2,100,000. On January 1, 2021, the company put into effect a shareholder approved quasi-reorganization by reducing the par value of the shares to P5 and eliminating the deficit against share premium. What amount should Solutions Company report as share premium immediately after the quasi reorganization? A. P 4,000,000 B. P 1,500,000 C. P 600,000 D. P 1,900,000

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