At the beginning of the current year, Red Co. reported P1,750,000 of appropriated retained earnings for the construction of the newbuilding which was completed late in the current year. For the...

At the beginning of the current year, Red Co. reported P1,750,000 of appropriated retained earnings for the construction of the newbuilding which was completed late in the current year. For the current year, P1,200,000 was appropriated for plant expansion. P1,500,000 cash was restricted for the retirement of bonds payable. Also, the company acquired treasury shares for a total cost of P500,000. On December 31 of the current year, the entity should report appropriated retained earnings of

A.P2,700,000
B.P2,950,000
C.P3,200,000
D.P1,200,000