Problem 2 Merlin, a partner in the Camelot Partnership, has a 30% participation in partnership profits and losses. Merlin's capital account has a net decrease of P1,200,000 during the calendar year 2020. During 2020, Merlin withdrew P2,600,000 (charged against his capital account) and contributed property valued at P500,000 to the partnership. What was the net income of the Camelot Partnership for year 2020 ?