During your audit of Romar Corporation for the year 2017, its initial year of operations, you find the following entries in its "shareholders' equity" account:

Shareholders' Equity

Date

Particulars

Dr

Cr

Jan 01

Issuance of 15,000 ordinary shares P10

par; authorized 50,000 shares in

exchange for real estate property with

a market value of P200,000

150,000

Jan 15

Sale of P20,000 ordinary shares at P12

per share

240,000

Mar 01

Purchase of 2,000 Romar Corporation's

shares at P15 per share

30,000

May 15

Loss on sale of motor equipment

10,000

Jun 10

Proceeds from sale of 1,000 treasury

shares

17,000

Dec 31

Declared cash dividend payable

Quarterly beginning Apr 1, 2018

20,000

Dec 31

Net profit for the year

79,000

The adjusted balance of the shareholders' equity section of the company's balance sheet of December 31, 2017 is _______.

Select one:

a. P 476,000

b. P 456,000

c. P 446,000

d. P 436,000