Nerve Company was organized on January 1, 2007. On that date it issued 200,000 shares at P15 per share (400,000 shares were authorized). During the period January 1, 2007, through December 31, 2008, Nerve reported net income of P750,000 and paid cash dividends of P380,000. On January 5, 2008, Nerve purchased 12,000 treasury shares at P12 per share. On December 31, 2008, 8,000 treasury shares were sold at P8 per share and retired the remaining 4,000 shares.(V7-27)

_____What is the total shareholders' equity on December 31, 2008?

a.3,290,000b. 3,306,000c. 3,338,000d. 3,370,000