Dundee Company reported the following increases (decreases) in the accounts for the current year: 

Cash P1,500,000 

Accounts receivable, net 3,500,000 

Inventory 3,900,000 

Investments (1,000,000) 

Equipment 3,000,000 

Accounts payable (800,000) 

Bonds payable 2,000,000 

During the year, the entity sold 100,000 shares with P20 par value for P30 per share and received cash in full. Dividend of P1,500,000 was paid in cash during the current year. Equipment with fair value of P2,000,000 was donated by a shareholder during the year. 

What amount was reported as net income for the current year?

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