Mely, a partner in Carmelites Partnership, had a 30% participation in partnership profits and losses. Melys capital account had a net decrease of 1,200,000 during the year. During the year, Mely withdrew 2,600,000 (charged against her capital account) and contributed property valued at 500,000 to the partnership. What was the net income of the partnership for the year?

A. 3,000,000 B. 4,666,667 C. 7,000,000 D. 11,000,000