Hello, please help me answer this. I'm quite confused and don't know where to start and how to solve it. Can you explain with a good accounting form in deriving the answer? Thank you!

10. While preparing the 2019 financial statements, Drake Company discovered computational errors in the 2020 and 2021 depreciation expense. These errors resulted in overstatement of each years income by P100,000, net of income tax. The following accounts were reported in the previously issued financial statements. 2020 2021 Retained earnings, January 1 2,000,000 2,800,000 Net income 800,000 600,000 Retained earnings -December 31 2,800,000 3,400,000 The net income for 2019is correctly reported at P700,000 What is the correct balance of retained earnings on December 31, 2019