Madonna Co. has a 75% interest in Jemo, Inc., which is recorded on a cost basis. For the fiscal year ended June 30, 2009, the following data were taken from the respective books: Net income of Madonna Co. was P125,000 while net income of Jemo, Inc. was P45,000. There was an intercompany interest on bonds in the amount of P5,700. Jemo, Inc. declared and paid dividend in the amount of P9,000. The consolidated net income for the fiscal year was: