On December 31, 2012, Pretty Kathleen Company purchased 70 percent of the outstanding shares of Suave Mikee Company for P318, 500. On that date, Suave Mikee had P130, 000 of share capital and P325, 000 of retained earnings.
For 2013, Pretty Kathleen had net income of P260, 000 from its own operations and paid dividends of P130, 000, while Suave Mikee reported net income of P39, 000 and paid dividends of P26, 000. All the assets and liabilities of Suave Mikee have carrying amounts approximately equal to their book values. The beginning inventory of Pretty Kathleen includes P7, 800 of merchandise at 150 percent of cost and the ending inventory includes P11, 700 of merchandise purchased from Suave Mikee at the same mark-up. Pretty Kathleen uses FIFO inventory costing.
What is the consolidated income attributable to Pretty Kathleen for the year 2013?