Selected information for GORAN Company for the current year is as follows:

Cash balance, Jan 1

P130,000

Accounts Receivable, Jan 1

190,000

Collections from Customers

2,100,000

Owner's Equity, Jan 1

340,000

Total Assets, Jan 1

750,000

Total Assets, Dec 31

880,000

Cash Balance, Dec 31

160,000

Accounts Receivable, Dec 31

360,000

Total Liabilities, Dec 31

390,000

What is the net income for the current year?

Select one:

a.P110,000

b.P490,000

c.P70,000

d.P150,000