Beam Company provided the following data for the current year:
Cash sales P2,500,000
Inventory Jan 500,000
Sales on account 850,000
Inventory Dec 31 600,000
Cash purchases 1,700,000
Accrued expenses Dec 31 20,000
Credit purchases 400,000
Prepaid expense Dec 31 30,000
Expenses paid 750,000
Equipment - Dec 31 1,000,000
Accounts receivable - Jan 250,000
Interest received 40,000
Accounts receivable - Dec 31 300,000
Interest receivable Jan 10,000
Account payable Jan 150,000
Interest receivable Dec 31 20,000
Account payable Dec 31 200,000
On July of the current year, an equipment was acquired for P200,000. The terms are P50,000 down and the balance to be paid after one year. The useful life is 10 years with no residual value. What is the net income under cash & accrual basis?