PROBLEM 2: The following selected information pertains to ICELAND COMPANY: Cash balance, January 1, 2012 P65,000 Accounts receivable, January 1, 2012 95,000 Collections from customers in 2012 1,050,000 Capital account balance, January 1, 2012 190,000 Total assets, January 1, 2012 375,000 Additional cash investment, July 1, 2012 25,000 Total assets, December 31, 2012 505,000 Cash balance, December 31, 2012 100,000 Accounts receivable, December 31, 2012 180,000 Withdrawals made during 2012 55,000 Total liabilities December 31, 2012 205,000 How much net income should Iceland report in its income statement for the year ended December 31, 2012? A. P30,000 C, P140,000 B. P80,000 D. P1 10,000