X plc offered for issue ten million ordinary shares of £1 each at 120p 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 £3,000. X plc availed itself of section 610 of the Companies Act, 2006. What will be the balance in the Share premium account, after these transactions are accounted for?

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a £2,000,000 b £1,600,000 c £1,597,000 d £1,997,000