Samantha Corporation provided the following data:
Dec 31, 2019
Dec 31, 2020
Share Capital (₱100 par)
₱5,000,000
₱5,100,000
Share Premium
2,500,000
2,900,000
Accumulated Profits
5,000,000
?
During 2020, the entity declared and paid cash dividends of ₱750,000 and also declared and issued a share dividend. There were no other changes in shares issued and outstanding in 2019 aside from the share dividend distribution. The net income for 2020 is ₱1,500,000. How much is the balance of Accumulated Profits on December 31, 2020?