The Valley Corporation was incorporated on January 1, 2019, with the following authorized capitalization:

• 40,000 shares of ordinary shares, no par value, stated value P 40 per share
• 10,000 shares of 7% preferred shares, par value P 10 per share

During 2019, Valley issued 24,000 shares of ordinary shares for a total of P 1,200,000 and 6,000 shares of preferred shares at P 16 per share. In addition, on December 20, 2019, subscriptions for 2,000 shares of preferred shares were taken at a purchase price of P 17. These subscribed shares were paid for on January 2, 2020. What should Valley report as total contributed capital on its December 31, 2019, balance sheet?

Group of answer choices

a. P 1,262,000

b. P 1,040,000

c. P 1,296,000

d. P 1,330,000