Question 32 1.5 pts The following balances were reported by MELO Company on December 31, 2016 and 2015: 2016: Accounts Payable, P3,500,000; Notes Payable,P4,000,000 2015: Accounts Payable, P2,500,000; Notes Payable, 1,500,000 On July 1, 2016, the company issued a one-year, 12% note for a bank loan of P1,000,000. All other notes payable were from purchases of merchandise. Total payments to suppliers in 2016 amounted to P11,000,000, after purchase discounts of P250,000. During 2016, the company returned defective merchandise costing P500,000 What is the amount of net purchases for 2016 under the accrual basis