Sponge and Bob entered into a partnership on March 1, 2020 investing P 150,000 and P 125,000 respectively. It was agreed that Sponge, the managing partner, was to receive a salary of P30, 000 per year and also 10% bonus based on net profit after adjustment for the salary, the balance of the profit was to be divided in the ratio of their original capital. On December 31, account balances were as follows: Cash P 90,000 Accounts Payable P 20,000 Accounts Receivable 139,500 Sales 350,000 Furniture & Fixtures 50,000 Sponge, Capital 150,000 Purchases 260,000 Bob, Capital 125,000 Sales Returns & Allowances 5,000 Sponge, Drawing 30,000 Operating Expenses 75,000 Bob, Drawing 46,500 As of December 31, 2020: Inventories remaining - P 50, 000; supplies - P 7,500. Prepaid insurance were P1, 000; accrued expenses - P 12, 250. Depreciation on furniture and fixtures is to be computed using 5 year life and 10% scrap value. The net income of the partnership for the year ended December 31, 2020 is?

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