The income statement of Louie Co. shows a net income of P250,000 for the year ended December 31, 20x2. The following errors were discovered:
a. December 31, 20x1 inventory was understated by P55,000.
b. December 31, 20x2 inventory was overstated by P45,000.
c. A P20,000 customer’s deposit received in December 20x2, was credited to sales in 20x2. The goods were actually shipped in January 20x3.
What is the corrected net income on 20x2?