Given are the following data for Bolivar Company for 2020, Its first year of operations:

Revenue from professional services rendered for cash P245,000

Revenue from professional services rendered on account 80,000

Cash collected from clients on account 45,000

Additional cash investment by Bolivar 52,000

Expenses incurred on account 24,000

Expenses incurred for cash 70,000

Bolivar, capital, January 1, 2020 300,000

Total assets as of December 31, 2020 500,000

Total liabilities as of December 31, 2020 230,000

QUESTIONS:

1. Compute the net income for the year 2020.

2. Compute for the amount withdrawn by Bolivar Company for the year 2020.