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The shareholders' equity of a corporation revealed the following information: Preferred share, P100 par - P4,200,000; Common share, P50 par - P5,800,000; Premium on Ordinary

The shareholders' equity of a corporation revealed the following information: Preferred share, P100 par - P4,200,000; Common share, P50 par - P5,800,000; Premium on Ordinary share - P100,000; Subscribed Ordinary share - P250,000; Subscription receivable - 100,000; Retained earnings - 2,000,000. How much is the legal capital? Provide solutions

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