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At the beginning of the year, Procopio had total assets of P520,000 and total liabilities of P290,000. At the end of the year, total assets amounted to P1,030,000 while liabilities amounted to P350,000. During the year, Procopio invested P150,000 and withdrew P25,000. What was Procopio’s net income for the year? (Note: Net income – or Revenues less Expenses - is a component of Retained Earnings.)​