14. Elaine Company disclosed the following changes in account balances for current year: Cash 450,000 increase Accounts receivable 300,000 decrease Merchandise inventory 200,000 increase 100,000 increase Accounts payable Prepaid expenses 20,000 increase Accrued expenses 40,000 increase Unearned rental income 30,000 decrease In the current year, the owner transferred financial assets to the business and these were sold for P500,000 to finance the purchase of merchandise. The owner made withdrawals during the year of P100,000. What was the net income or net loss for the current year? a. 360,000 income b 360,000 loss c. 140,000 income d. 140,000 loss