Beam Company provided the following data for the current year:

Cash sales P2,500,000 Inventory - Jan 1 P 500,000 Sales on account 850,000 Inventory - Dec 31 600,000 Cash purchases 1,700,000 Accrued expenses - Dec 31 20,000 Credit purchases 400,000 Prepaid expense - Dec 31 30,000 Expenses paid 750,000 Equipment- Dec 31 1,000,000 Accounts receivable- Jan 1 250,000 Interest received 40,000 Accounts receivable- Dec 31 300,000 Interest receivable - Jan 1 10,000 Account payable - Jan 1 150,000 Interest receivable - Dec 31 20,000 Account payable - Dec 31 200,000

On July 1 of the current year, an equipment was acquired for P200,000. The terms are P50,000 down and the balance to be paid after one year. The useful life is 10 years with no residual value.

What is the net income under cash & accrual basis?