The shareholders' equity of Exie Co., a domestic corporation whose shares are traded in the Philippine Stock Exchange, as of January 1, 2019, shows the following accounts and balances: Ordinary share capital, P2 par Share premium - ordinary Share premium - treasury Retained earnings Revaluation surplus Treasury shares (100,000 shares at cost) P 2,000,000 8,000,000 200,000 9,000,000 1,000,000 (1,200,000) Other information: a. The revaluation surplus is related to an item of property, plant and equipment that has a remaining useful life of 10 years on January 1, 2019. Exie depreciates items of its property, plant and equipment using the straight line method. On February 10, Exie reissued all of its treasury shares, receiving a unit of equipment that has a fair value of P900,000. On this date, Exie's shares were trading at P14 per share. Net income during the year was P2,500,000. No other transactions that affected the entity's shareholders' equity occurred during the year. 1. Determine Exie's total shareholders' equity as of December 31, 2019