Please help me solve with solution this taxation problem

45. A, a single proprietor engaged in service business, reported the following business income and expenses: Service income P500,000 Collection of the year 490,000 Expenses actually incurred during the year 150,000 Expenses paid during the year 200,000 How much is the net income from business? * (3 Points) A. P350,000 B. P340,000 C. P300,000 D. P290,000