The owner of ABC Company invested cash to the business amounting P500,000 and office furniture and equipment which has a fair market value of P210,000. During the year, the owner made an additional investment of P150,000 to increase the working capital of the firm. On December 1, the owner issued a company check for P250,000 to settle his personal loan from Union Bank. Revenues in 2021 totaled P305,000 and expenses amounted to P420,200. How much was owner's capital as of December 31, 2021