What is the net income for the current year

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Question - The statement of financial position of Noble on January 1, 2020 showed a total asset of P5 Million, total liabilities of P2 Million and contributed capital of P2 Million. 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 Dec. 31, 2020. The statement of financial position on December 31, 2020 showed total assets of P7,500,000 and total liabilities of P3,200,000. What is the net income for the current year?

a. P1,750,000

b. P1,000,000

c. P750,000

d. P500,000

Reference no: EM132856294

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