On January 2, 2019, Acorn Co. acquired all the outstanding common stock of Landville Co. for P412,000 cash. The book value of Landville Co.'s net assets amounted to P280,000. On that date, the assets and liabilities of Landville Co. had book value that were approximately equal to their respective market values, except building with useful life of 10 years and was undervalued by P80,000; and equipment with useful life of 5 years and was overvalued by P20,000.

For the year 2019, Acorn Co. reported net income from own operations in the amount of P224,000, while Landville Co. reported P60,000 net income from own operations. Acorn Co. accounts its investment in Landville Co. under the cost method.

What is the amount of net income in the consolidated income statement for 2019?