The following items appeared on the 2021 financial records of ABC Company: Service Income Unearned Commission Income Salaries Expense Accrued Rent Expense Interest expense Utilities expense Interest income Bad Debts Expense Supplies Expense Taxes and Licenses Expense P600,000 80,000 420,000 50,000 3,600 84,000 7,000 2,100 3,500 1,600 What amount should be reported as net income on the company's 2021 income statement? At the start of the period, ABC Company has total assets of P500,000 and total liabilities of P300,000. During the period, the business earned total income of P1,000,000 and incurred total expenses of P640,000. No additional investments or withdrawals were made by the owner. How much is the total equity at the end of the period