Holy Company provided the following increase (decrease) in ledger account balances during the current year: Cash - 800,000; Accounts Receivable -(400,000); Inventory - 300,000; Equipment - 950,000;...

Holy Company provided the following increase (decrease) in ledger account balances during the current year: Cash - 800,000; Accounts Receivable -(400,000); Inventory - 300,000; Equipment - 950,000; Note payable-bank - 500,000; Accounts payable - (600,000); Share capital - 1,000,000. There were no transactions affecting retained earnings other than a P1,500,000 cash dividend. What was the net income for the current year?

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