Elvis Company reported the following shareholders equity on January 1, 2020: Share capital, P5 par, 200,000 shares outstanding Share premium Retained earnings During the current year, the following chronological transactions affected shareholders' equity: 1,000,000 6,000,000 2,800,000 Reacquired 10,000 shares at P30 per share to be held as . treasury. . Declared and issued a 30% share dividend. Declared and paid cash dividend of P10 per share. Net income for 2020 amounted to P3,000,000. What amount should be reported as unappropriated retained earnings on December 31, 2020? a. 2,745,000 b. 3,045,000 c. 2,700,000 d. 2,600,000