TAARE ZAMEENPAR Company reported the following changes in the account balances for the current year, December 31, 2021:   INCREASE(DECRASE) Cash 1,500,000 Accounts receivable, net 500,000 Inventory 2,000,000 Prepaid expenses (100,000) Land 5,000,000 Accounts payable (1,100,000) Bonds payable 4,000,000 Share capital 4,000,000 Share premium 1,000,000 Dividends of P1,500,000 was paid during the year and that no other transactions affected the retained earnings. What is the net income for the period.

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is