ABC Company provided the following information relating to shareholders' equity on December 31, 2020:  Preference share capital, P100 par, 80,000 shares issued, 12% cumulative and fully participating, P8,000,000 Ordinary share capital, P50 par, 200,000 shares issued, P10,000,000  Share premium, P5,000,000 Retained earnings, P7,000,000 Dividends on preference shares are in arrears for two years including the current year. On December 31, 2020, ABC Company intends to pay cash dividend of P10 per share to its ordinary shareholders. What is the total amount of dividends to be declared for the preference and ordinary shareholders? (round answer to a whole number

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