Mr. Chito M. is a business owner and his business has total assets of 320,000 Philippine peso and total equity of 180,000 Philippine peso at the beginning of the period. The business earned an income of 220,000 Philippine peso during the period and reported a profit of 40,000 Philippine peso. He also made withdrawal of 20,000 during the period. How much is the ending balance of Mr. Chito M's equity?