James Corporation has outstanding 10,000 shares of 10% Preference Share Capital with a par value of P100 and 42,500 shares of P10 par value Ordinary Share Capital. The balance in the Retained Earnings account at the end of the fiscal year 2020 is P1,650,000. If James purchases 1,000 shares of its own ordinary share capital at P40 per share, what amount of Retained Earnings is available for payment of dividends? P1,610,000 O P1,640,000 P1,650,000 none of the answers is correct