12. On January 1, 2020, Pangarap Nalang Company showed total assets of P5,000,000, total liabilities of P2,000,000 and contributed capital of P2,000,000. During the year, the entity issued share...

12. On January 1, 2020, Pangarap Nalang Company showed total assets of P5,000,000, total liabilities of P2,000,000 and contributed capital of P2,000,000. During the year, the entity issued share capital of P500,000 par value at a premium of P300,000. Dividends of P250,000 was paid on December 31, 2020. On December 31, 2020, total assets amounted to P7,500,000 and total liabilities amounted to P3,200,000. What is the net income for the current year?