You were able to gather the following information in connection with your audit of the stockholders equity section of the balance sheet of Jang Duk, Inc. The company is a manufacturer of school and office equipment. As of December 31, 2017, the stockholders equity of the company is presented below: Cumulative preferred stock (P15 par value; 50,000 shares authorized, 6,000 shares issued and outstanding) 90,000 Common stock (P10 par value; 500,000 shares authorized, 165,000 shares issued and outstanding) 1,650,000 Retained earnings 933,000 Total 2,673,000 Jang Duks capital stock transactions during 2018 were as follows: On January 31, 12,000 preferred shares were issued in exchange for land with an appraised value of P150,000. Six months ago, 1,000 shares of Jang Duks preferred stock were exchanged over the counter for P14 per share. On February 14, 6,750 shares of common stock were sold to Ms. Acti Vista at P25 per share. On December 14, Jang Duk purchased dissident stockholder Vistas 6,750 shares at P27 per share. The shares are to be held as treasury shares. (Vista violently opposed Jang Duk business strategy and Jang Duks management decided to eliminate her interest.) On December 20, Jang Duk contracted with Ma Ria for the sale of 15,000 previously unissued shares at P25 per share to be issued when the purchase price is fully paid. On December 31, only 292,500 had been paid. Ria agreed to pay the balance on or before January 31, 2019. On December 31, Jang Duk retired 6,000 preferred shares at P18 per share. A cash dividend of P2 per share was declared on the preferred shares on October 15 and paid on November 15. A cash dividend of P1.50 per share was declared on December 15, and payable on January 15, 2019. Jang Duks net income for the year 2018 was P375,000. 15. Based on the above and the result of your audit, determine the total stockholders equity as of December 31, 2018. A. 3,085,500 B. 3,198,000 C. 3,018,000 D. 3,168,000