The following information were taken from the statement of realization and liquidation of ABC Company for the quarter ended March 31, 2022:
Assets to be realized
P 650,000
Assets acquired
700,000
Assets realized
850,000
Assets not realized
300,000
Liabilities to liquidated
1,080,000
Liabilities assumed
360,000
Liabilities not liquidated
900,000
Liabilities liquidated
720,000
Supplementary income
1,020,000
Supplementary expenses
934,000
The ending balances of share capital and retained earnings are P600,000 and P120,000, respectively.
How much is the net income (loss) during the quarter?
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