An entity had issued 950,000 P50-par ordinary shares. Of these, 32,000 shares were held as treasury at the beginning of the current year averagely costing P80. The beginning balance of the Retained Earnings is P12,900,000. During the year, transaction involving ordinary shares were: May 1 - 4,000 shares of treasury were sold for P90 each. Aug 1 - A 10% share dividend was declared when the fair value is P85. Sep 1 - 20,000 treasury shares were retired. Nov 1 - A 1-for-4 share split took effect. Dec 31 - Profit for the year is P3,850,000. How much is the total retained earnings as of yearend?

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