Caring Company reported the following increases in account balances during the current year: Assets: P8,900,000; Liabilities: P2,700,000; Share capital: P5,000,000; Share premium: P400,000.There were...

Caring Company reported the following increases in account balances during the current year: Assets: P8,900,000; Liabilities: P2,700,000; Share capital: P5,000,000; Share premium: P400,000.There were no changes in retained earnings other than for a dividend payment of P300,000. What was the net income for the current year? *


A. 1,100,000
B. 900,000
C. 800,000
D. 500,000