Soju Corporation had 5,000 ordinary shares of P 500 par value outstanding and 500 preference shares of P 1,000 par value outstanding. The current market price of the ordinary share is P 1, 200 and total equity amounts to P 3.6 million. The preference shareholders have a liquidation preference of P 1,400 per share and no dividends are in arrears, including the current year. What is the book value per ordinary share?

Group of answer choices

a. P 518

b. P 520

c. P 510

d. P 580