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3. At the current year-end, Troy Barnes Company issued 4,000 ordinary shares of P100 par value in connection with a stock dividend. The market value per share on the date of declaration was P150. The shareholders equity accounts immediately before issuance of the stock dividend shares were as follows:

Ordinary share capital, P100 par, 20,000 shares outstanding 2,000,000 Share premium 3,000,000 Retained Earnings 1,500,000 What amount should be reported as retained earnings immediately after the stock dividend?