VIOLET Corporation was incorporated on January 1, 2020 with the following authorized capitalization: (a) 40,000 ordinary shares, no par value, stated value 40 per share (b) 10,000 shares of 5% cumulative preference share, par value $10 per share. During 2020, Violet issued 24,000 ordinary shares for a total consideration of P1,200,000 and 6,000 preference share at P16 per share. In addition, on December 19, 2020, subscriptions for 2,000 preference shares were taken at a purchase price of $17. These subscribed shares were paid for on January 2, 2021. What should Violet report as total contributed capital in its December 31, 2020 statement of financial position