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Extracted text: McGraw Company provided the following account balances on December 31, 2023: Accounts payable, P125,000; Accrued taxes, P50,000; Cash surrender value of life insurance, P30,0003; Ordinary share capital, P1,000,000; Share dividend payable-ordinary, P150,000; Mortgage payable (P200,000 due in six months), P1,200,000; Notes payable-20%, due on January 2, 2024, P1,500,000; Share premium-ordinary, P250,000; Preference liability, P450,000; Accumulated profits-December 31, 2023, P550,000; Unearned rent income, P25,000; Dividends payable-preference liability, P100,000. How much should McGraw report as Shareholders' equity on December 31, 2023? A. 1,900,000 B. 1,950,000 C. 2,050,000 D. 2,500,000