Alas Corporation is authorized to issue 8,000,000 ordinary shares with a 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 the company. On July 1, the company declared a 20% share dividend. On this date, the company's shares were trading at ₱40 per share. These were distributed to the shareholders on August 15. Treasury shares totaling 50,000 were reissued on September 15. On December 15, the entity declared a dividend of ₱2 per share. How many shares are entitled to receive the share dividends declared on July 1? Answer is ₱4,680,000 but please show solutions in good form.