Mitch Company was organized on January 1, 2021 and issued 100,000 P20 par value shares at P23 per share.

During 2021, the entity reported net income of P720,000 and paid cash dividends of P220,000.

On January 10, 2022, the entity purchased 15,000 treasury shares at P15 per share.

On December 31, 2022, 5,000 treasury shares were sold at P10 per share. The Company realized profit of 1.5x of last year's. No dividends were declared.

What amount should be reported as shareholders' equity on December 31, 2022.