3. Villena, a partner in the Dulay, Villena & Co., has a 30% participation in partnership profits and losses. Villena's capital account has a net decrease of P120,000 during the calendar year 2019. During 2019, Villena withdrew P260,000 (charged against his capital account) and contributed property valued at P50,000 to the partnership. What was the profit of the Dulay, Villena & Co. for year 2019?

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