Flakes Inc. was incorporated on January 1, 2020. Information about its authorized shares is shown below:

Ordinary share capital, 450,000 shares, no par, P10 stated value	P4,500,000
Class A preference share capital, 75,000 shares, P50 par value	3,750,000
Class B preference share capital, 30,000 shares P60 par value	1,800,000

In 2020, Flakes issued 150,000 shares for total amount of P2,700,000 and 30,000 Class A preference shares for P60 per share. Furthermore, 15,000 shares of Class B preference shares were subscribed by shareholders at P75 per share, the company received P375,000 down payment. The subscription contract calls for the payment of the balance on February 1, 2021. Profit for the year amounted to P300,000. What is the amount of total shareholders equity as of December 31, 2020?

Group of answer choices

P5,175,000

P5,250,000

P5,550,000

P5,925,000