The following pre-tax amounts pertain to Candlewood Corporation for the year ended December 31, 2022: Sales Selling and administrative expenses Correction of prior period error- credit P400,000 Other income Interest expense 84,000 40,000 Cost of goods sold 4,000 280.000 16,000 Discontinued operations - credit 1 40,000 Cumulative effect of change in accounting policy debit 24,000 Retained earnings, January 1, 2022 (not restated) Dividends declared 1,600,000 12,000 Income tax rate 20% How much retained earnings would Candlewood shown on the December 31, 2022 statement of financial position? a. P1,616,000 b. P1,671,200 C. P1,673,600 d. P1,709,600