ABC Company started its business operations on November 2, 2021. The following were the transactions during the month: Nov. 2, 2021 Nov. 5, 2021 The owner made a cash investment to the business amounting to $2,000,000. Obtained a P500,000 loan and issues a promissory note to Citibank. Nov. 8, 2021 Acquired land costing P1,000,000 on cash basis. Nov.16, 2021 Rendered services worth P1,200,000 on account. Nov.30, 2021 Paid salaries of the workers amounting to P280,000. How much is the owner's capital balance at the end of its first month of operation? ABC Company had the following ledger balances for the year 2021. Equipment Prepaid insurance P 380,000 Advertising Expense P 48,000 26,250 Cash 62,000 Service Income 380,000 Salaries Expense 108,000 Accrued Interest Income 30,000 Utilities Expense 19,750 75,000 Unused Supplies 36,000 Gas and Oil Expense Unearned Service Income 25,000 Owner, Capital 340,000 Owner, Drawing 20,000 Accrued Rent Expense 40,000 How much is the net income for the year 2021