On December 31, 2013, Misakibara Company's board of directors canceled 5,000 shares of P50 par value held in treasury at an average cost of P120 per share. Before recording the cancellation of the treasury shares, the entity had the following balances in its shareholders' equity:

Share capital (50,000 shares originally issued at P75)2,500,000

Share premium1,250,000

Retained earnings1,000,000

Treasury shares, at cost600,000

On December 31, 2013, what amount should be reported as share capital outstanding?