The Ventures Corporation decided to open a branch store in Manila. Shipments of merchandise to the branch totaled P108,000 which included a 20% mark-up on cost. All accounting records are to be kept at the home o ce. The branch submitted the following report summarizing it's an operation for the period ended December 31, 2019. Sales on account P148,000; Sales on cash basis 44,000; Collections of accounts 120,000; Expenses paid 76,000; Expenses unpaid 24,000; Purchase of merchandise for cash 52,000; Inventory on hand, December 31 (80% from home o ce) 60,000; Remittances to home o ce 110,000. In the branch operations, in so far as the home o ce is concerned, how much is the net income(loss)? P8,000 P1,600 None of the choices P2,000