Bronze Inc. recently has had financial difficulty and is being liquidated. The firm has a liquidation value of P2,000,000 - P800,000 from the fixed assets that served as collateral for the mortgage bonds and P1,200,000 from all other assets (prior claims have been satisfied). The firm's current capital structure is as follows:

Unsecured bonds - P1,000,000

Mortgage bonds - P800,000

Preference shares - P200,000

Ordinary shares - P500,000

How much will the ordinary shareholders receive from the liquidation?

a. P666,667

b. P1,000,000

c. P396,000

d. P 0