Just Zip-It Inc. issued 20,000 shares of P5 par common stock at P10 per share. On December 31, 2020, Just Zip-It's retained earnings were P300,000. In March 2021, the firm reacquired 5,000 shares of its common stock at P20 per share. In June 20, 2021, it sold 1,000 of these shares to its corporate officers for P25 per share. Net income for the year ended December 31, 2021, was P60,000. On December 31, 2021, what amount should the corporation report as retained earnings