1. KC Company maintains a medical and dental clinic and keeps limited accounting records. Its assets and liabilities at the beginning and end of the current year are as follows: Beginning End Cash in Bank P12,000 P (5,000) Accounts Receivable 68,000 70,000 Medical Supplies 30,000 15,000 Accounts Payable 40,000 20,000 Notes Payable-Bank 20,000 25,000 Medical Equipment (net) 150,000 125,000 During the year, the KC withdrew cash of P12,000 and made additional investment of P50,000. The net income (loss) of KC Company for the year is - a. P8,000 C. P(68,000) b P(2,000) P(78,000)