How much is the adjusted stockholders' equity?

 

LOVE COMPANY was incorporated in early 2018 when it was authorized by SEC to issue 500,000 ordinary shares (P10 par) and 100,000 convertible preference shares (P20 par). The following schedule reflects the company's capital balances as of December 31, 2018: Ordinary shares, 100,000 shares issued during the company's incorporation in exchange of a land with a fair value of P1.4 million Preference shares, 50,000 shares issued during the company's incorporation at P50 per share. Each preference shares is convertible to four ordinary shares Retained earnings, which is the company's net income in 2018 The following transactions occurred in 2019: (a) On January 15, the company reacquired 20,000 ordinary shares (from the 2018 issue) at P22 per share and reverted them to treasury since it intends to reissue the same. (b) On February 11, the company reissued 4,000 treasury shares at P28 per share. (c) On March 5, the company reissued 6,000 treasury shares at P19 per share. (d) On April 1, the company retired 5,000 treasury shares. (e) On May 12, 20,000 preference shares were converted to ordinary shares. (f) On June 9, 15,000 ordinary shares were subscribed for a total amount of P175,000. (g) On July 4, a 2 for 1 share split was effected for the ordinary share. (h) On July 31, the company declared a PO.30 per ordinary share cash dividends P1,400,000 2,500,000 1,400,000 (1) (1) (k) (1) On August 8, the company reissued 3,000 treasury shares at PB per share The company issued 4,000 ordinary shares for P11 per share. On September 11, the company issued 20% stock dividends on its ordinary shares. The market value of ordinary shares on this date is P25 per share. The company registered an adjusted net income in 2019 at P999,000.