Davies Corporation’s shareholders’ equity at the beginning of the year shows the following balances: 10% Preference Shar

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Davies Corporation’s shareholders’ equity at the beginning ofthe year shows the following balances:10% Preference Share, ₱50 par: ₱2,000,000Ordinary Share, ₱30 par: ₱3,000,000Share Premium-Preference: ₱4,000,000Share Premium-Ordinary: ₱5,000,000Treasury Shares (10,000 ordinary shares): ₱450,000Accumulated Profits-Free: ₱6,000,000Accumulated Profits-Appropriated: ₱1,000,000
The following selected transactions happened during theyear:Feb 29: The treasury shares were reissued at ₱50 per share.Jul 31: A 10% share dividend was declared. On this date, eachpreference share and ordinary share had a fair value of ₱70 and₱50, respectively.Aug 31: Davies declared total cash dividends worth ₱1,000,000.Preference shares are participating.Dec 31: Net income for the year was ₱2,500,000.
How much is total shareholders’ equity atyear-end?