Murphy Company reported the following shareholders' equity on January 1, 2020: Preference share capital, 100,000shares, P10 par - P1,000,000 Ordinary share capital, 500,000shares, P10 par - P5,000,000...

Murphy Company reported the following shareholders' equity on January 1, 2020:
    Preference share capital, 100,000shares, P10 par -  P1,000,000
    Ordinary share capital, 500,000shares, P10 par - P5,000,000
    Share premium - Preference   - P50,000
    Share premium - Ordinary  - P 200,000
    Retained earnings     - P100,000
During the current year, the following transactions were completed:
    Retirement of 5,000 preference shares at P11 per share.
    Purchase of 5,000 ordinary shares of treasury at P12 per share.
    Share split, ordinary share, 2-for-1.
    Reissue of 2,000 shares of treasury at P8 per share.
    Net income for the year, P300,000.
What is the total shareholders’ equity on December 31, 2020?