The following information concerning an entity's mining operations are provided: Cost incurred to acquire exploration rights for copper ores on June 30, 2020 P2,430,000 Estimated reserves, June 30, 2020 1,620,000 tons 15,000 tons Expected extraction per month Selling price per ton Machinery acquired on June 30, 2020 P25 P300,000 The machinery had a useful life of 15 years with a scrap value of 10% of original cost, after all reserves have been extracted, at which time the machinery will be rendered useless to the company. Sales of copper ores from this acquisition amounted to P2,250,000 during the period. As of December 31, 2020, Accumulated Depletion and Accumulated Depreciation - Machinery had unadjusted balances of P202,500 and P20,000, respectively. The company due to correct to prepare its financial statements. Determine the amount of under(over) statement in net income during the period prior to adjustments made to these accounts. O (55,000) O 55,000 0 72,500 O (72,500)