Dundee Company reported the following increases (decreases) in the accounts for the current year:

Cash	P1,500,000
Accounts receivable, net	3,500,000
Inventory	3,900,000
Investments	(1,000,000)
Equipment	3,000,000
Accounts payable	(800,000)
Bonds payable	2,000,000

During the year, the entity sold 100,000 shares with P20 par value for P30 per share and received cash in full.

Dividend of P1,500,000 was paid in cash during the current year.

Equipment with fair value of P2,000,000 was donated by a shareholder during the year.

What amount was reported as net income for the current year?