Alas Corporation is authorized to issue 8,000,000 ordinary shares with par value of ₱20 per share. At the start of 2020,

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Alas Corporation is authorized to issue 8,000,000 ordinaryshares with par value of ₱20 per share. At the start of 2020, 60%of the shares are already issued, 120,000 of which are held by thecompany. On July 1, the company declared a 20% share dividend. Onthis date, the company’s shares were trading at ₱40 per share.These were distributed to the shareholders on August 15. Treasuryshares totaling 50,000 were reissued on September 15. On December15, the entity declared a dividend of ₱2 pershare. How many shares are entitled to receive theshare dividends declared on July 1?
Answer is ₱4,680,000 but please show solutions in goodform.