The Blazing Red Corporation is authorized to issue 100,000 P10 par value ordinary shares and 30,000 10% cumulative and non-participating P100 par preference shares. The corporation engaged in the following share capital transactions through December 31, 2016:

30,000 ordinary shares were issued for P380,000 and 12,000 preference shares for an equipment valued at P1,500,000.

Subscriptions for 10,000 ordinary shares have been taken and 40% of the subscription price of P16 per share has been collected. The shares will be issued upon collection of the subscription price in full.

1,000 ordinary treasury shares were purchased for P18

Collected the balance on the subscription of 8,000 shares above and share certificates were accordingly issued. Subscribers on 2,000 shares defaulted and the shares were declared delinquent. Blazing Red paid P2,000 cost for advertising the delinquent shares.

Received bids on the delinquent shares. The amount due from the highest bidder was collected and the shares were issued.

The retained earnings balance on December 31, 2016 is P350,000

REQUIREMENT: Compute for the total shareholders' equity of Blazing Red Corporation at December 31, 2016.