#11 Last January 1, 2020, Mrs. Dimalanta started a laundry shop business by contributing cash of P1,500,000. At the end of the year, assets totaled P3,000,000 while liabilities totaled P500,000....

#11

Last January 1, 2020, Mrs. Dimalanta started a laundry shop business by contributing cash of P1,500,000. At the end of the year, assets totaled P3,000,000 while liabilities totaled P500,000. Additional contributions made during the year totaled P600,000, while periodic withdrawals totaled P400,000. Determine the net income for 2020.