Reference no: EM133174428

Question - The following items are taken from the records of Ayala Corp. for 2022.

Profit for the year, P1,470,000 (net of 30% income tax)

Payment for purchase of land, P400,000

Payment for retirement of bonds, P600,000

Depreciation expense, P750,000

Proceeds from issuance of ordinary shares, P700,000

Loss on retirement of bonds, P12,500

Income from investment in associates, P480,000

Unrealized gain on equity investments at fair value through profit or loss, P13,000

Patent amortization expense, P270,000

Interest expense, P100,000 (This amount includes amortization of discount on bonds payable prior to its retirement in the amount of P14,500)

Increase in accounts receivable, P340,000

Payment of dividends, P500,000

Decrease in accounts payable, P26,000

Decrease in notes payable, P180,000 (This amount includes payment of notes payable to bank of P150,000)

Decrease in interest payable, P18,000

Increase in income tax payable, P60,000

Required - What is the amount of net cash generated from operating activities reported in Ayala's 2022 statement of cash flows, excluding interest and taxes?