Bea Corp. has a branch in Divisoria  established on May 31, 2022.  During 2022, the home office shipped merchandise costing P110,000 to the branch, billed at 110% of cost. At the end of the year, the branch reported sales of P200,000, operating expenses of P80,000, and a net income from its operation of P10,000.  Determine the true net income of the branch.

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