Amy Narcos Co. provided the following data: Ordinary Shares (P100 par) Share Premium - O/S Retained Earnings 12/31/2020 5,000,000 12/31/2021 5,100,000 2,500,000 2,900,000 5,000,000 ??? During 2021, the entity declared and paid cash dividends of P750,000 as well as declared and issued a stock dividend. There were no other changes in shares issued and outstanding during 2021. The net income for 2021 was P1,500,000. What is the balance of retained earnings on December 31, 2021