. JJJ Co. was incorporated on January 1, 20x1. The following were the transactions during the year: Total consideration from share issuances amounted to P2,000,000. A land and building were acquired through a lump sum payment of $400,000. A mortgage amounting to P100,000 was assumed on the land and building. Total payments of P80,000 were made during the year on the mortgage assumed on the land and building, The payments are inclusive of interest amounting to P10,000. Additional capital of P200,000 was obtained through bank loans. None of the bank loans were paid during the year. Half of the bank loans required a secondary mortgage on the land and building. There is no accrued interest as of year-end. Dividends declared during the year but remained unpaid amounted to P60,000. No other transactions during the year affected liabilities. Retained earnings as of December 31, 20/1 is P120,000. . . How much is the profit for the year