Aubrey Company provided the following data at year-end:

2018 2019

Share Capital (P100 par value) 5,000,000 5,750,000

Share Premium 1,000,000 1,500,000

Retained Earnings 3,500,000 4,500,000

During the current year, the entity declared and paid cash dividend of P1,000,000 and also declared and issued a share dividend.

There was no other changes in shares issued and outstanding during the year.

What is the net income for the current year?

a. 3,250,000

b. 2,000,000

c. 1,000,000

d. 2,750,000

solutions please, thank you!