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What is the net income for the current year

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Question - On January 1, 2019, the statement of financial position of Racel Company showed total assets of P5,000,000, total liabilities of P2,000,000 and contributed capital of P2,000,000.

During the current year, the entity issued share capital of P500,000 par value at a premium of P300,000. Dividend of P250,000 was paid on December 31, 2019.

The statement of financial position on December 31, 2019 showed total assets of P7,500,000 and total liabilities of P3,200,000

What is the net income for the current year?

a. 1,750,000

b. 1,000,000

c. 750,000

d. 500,000

Reference no: EM132609219

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