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Question - Presented below are certain account balances of Home Products Company
Ending inventory P48,000
Rental income P6,500
Interest expense 12,700
Purchase returns and allowances 10,500
Beginning accumulated profits 114,400
Ending accumulated profits 134,000
Freight-in 10,100
Dividends income 71,000
Sales returns 12,400
Sales discounts 7,800
Selling expenses 99,400
Sales 390,000
Income tax 19,900
Beginning inventory 45,300
Purchases 190,000
Purchase discounts 2,500
Administrative expenses 82,500
Based on the data given above, how much would be the net income during the current year?
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