1. Daisy Syete, owned a manufacturing business, and reported the following results of operations during the taxable year:

Sales, net of returns and discounts P 4,000,000

Cost of sales 1,800,000

Dividend income, net of final tax 36,000

Business Expenses 1,600,000

Gain on sale of old equipment 100,000

Sale of scrap metal 200,000

Interest income on employee advances 45,000

Gain on sale of domestic stocks 10,000

How much is the Net Income to be declared for the taxable year?