Selecta information from the accounts of Color Co. at December 31, 2021 reveals that the total income since incorporation is P420,000; the total cash dividends paid is P130,000; the total value of property dividends distributed is P30,000; and the excess of proceeds over cost of treasury shares sold is P110,000. In its December 31, 2021 statement of changes in equity, what amount should the firm report as accumulated profits (retained earnings)?

P260,000

P290,000

P370,000

P400,000