Selected information from the accounts of ABC Co. at December 31, 2021 reveals that the total income since incorporation is P420,000;

total cash dividends paid is P130,000;

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 retained earnings?