6. The following shareholders' equity accounts are included in the statement of financial position of Kiwi Co. on December 31, 2020. • Preference share capital, 8%, P100 par (200,000 shares authorized, 60,000 shares issued and outstanding)- P6,000,000 • Ordinary share capital, P5 par (2,000,000 shares authorized, 600,000 shares issued and outstanding) -P3,000,000 • Share premium- P3,750,000 • Retained earnings- P3,500,000 In 2021, Kiwi took part in the following transactions concerning equity. 1. Paid the annual 2020 P8 per share dividend on preference shares and a P2 per share dividend on ordinary shares. These dividends had been declared on December 31, 2020. 2. Purchased 81,000 shares of its own outstanding ordinary shares for P40 per share. 3. Reissued 21,000 treasury shares for land valued at P900,000. 4. Issued 15,000 preference shares at P105 per share. 5. Declared a 10% stock dividend on the outstanding ordinary shares when the shares are selling for P45 per share. 6. Issued the stock dividend. 7. Declared the annual 2021 P8 per share dividend on preference shares and the P2 per share dividend on ordinary shares. These dividends are payable in 2022. 8. Reported net income of P9,900,000 for the current year. What amount should be reported as total shareholders' equity on December 31, 2021? a) P25,997,000 b) P14,415,000 c) P23,597,000 d) P21,197,000

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