Relay Company is permitted to issue 500,000 ordinary shares of P10 par value. During the first year of the corporation's existence, 2021, the following transactions occurred: 50,000 ordinary shares were sold for P18 per share In exchange for a patent worth P1,000,000, 50,000 ordinary shares were issued. The total contributed capital at the end of Relay's first year was: P400,000 O P1,000,000 P900,000 O P1,900,000