Total dividends of P 1,220,000 were declared on the Preference share and Ordinary share during the year. Retained earnings during the year decreased by P 1,000,000. How much was the profit or (net...

Total dividends of P 1,220,000 were declared on the Preference share and Ordinary share during the year. Retained earnings during the year decreased by P 1,000,000. How much was the profit or (net loss) for the year? If your answer is a net loss, put a parenthesis.