The following relate to Glassman Company's patents assigned to other entities: January 1 December 31 Royalties receivable P500,000 P1,500,000 Unearned royalties 200,000 600,000 During the year, Glassman received royalty remittance of P5,000,000. In its income statement for the current year, Glassman should report royalty income of O P5,600,000 O P6.400,000 OP3,600,000 P4.400.000