Based on the following data, compute for the net income of the company:

Accounts payable - P120,000; Accounts receivable - P60,000; Building - P260,000; Cash - P40,000; Equipment - P210,000; Interest Expense - P40,000; Interest Payable - P10,000; Land - P80,000; Notes Payable - P310,000; Property Tax Expense - P20,000; Rent Expense - P140,000; Salary Expense - P380,000; Service Revenue - P1,200,000; Supplies Unused - P170,000; Utilities Expense - P30,000; Kris, Capital (beginning) - P110,000: Kris, Drawings - P320,000.