Question 39 2 pts AgnesClare Cobb, a beauty and health enthusiast formed the ACCCOB1 Beauty Salon. In its first year of business operation, AgnesClare Cobb was very happy because her beauty salon after a year of providing services to several customers, the record showed that the business earned a total revenue amounting to P500,000 from various customers for services rendered. 75% of the income generated was paid in cash and the remaining 25% was on the account. The business purchase a total of P35,800 worth of salon supplies (e.g., hair shampoo, hair conditioner, hair colors, nail polish, acetone, cuticle remover, lotions, soaps, alcohol, cotton, powder). Upon inspection of the supplies used, AgnesClare Cobb estimated that about P29,200 worth of salon supplies was used in rendering the services to their customers during the year. The salaries and wages expense incurred and paid by the business in its initial year of operation amounted to P124,500. The business paid a total of P34,500 for their electricity and water consumption except for the bill received from MERALCO amounting to P3,200 electricity consumption for the month of December. The business also paid for the rent of the shop's space for the entire year amounting to P60,000. How much is the net income of the business for the year?