A single proprietorship entity uses the single-entry method of accounting

The companys cash records showed the following receipts and disbursements made during the year:

• Receipts accounts receivable P2,285,280; trade notes receivable P352,800; interest receivable 69,360; investment made by the owner P288,000
• Disbursements accounts payable P1,404,000; trade notes payable P423,360; interest expense P208,080; operating expenses P816,000

The following balances as of current year-end were provided:

	January 1	December 31
Accounts Receivable	720,000	792,000
Trade Notes Receivable	237,600	403,200
Interest Receivable	8,640	25,920
Merchandise Inventory	255,360	187,500
Prepaid Expenses	58,500	21,120
Office Equipment	620,000	600,000
Accounts Payable	441,200	420,000
Trade Notes Payable	469,200	432,000
Interest Payable	10,260	6,000
Accrued Operating Expenses	103,680	159,600

Based on the information above, determine the amount of the following for the current year, under the accrual basis:

1. Cost of Goods Sold
2. Gross Profit
3. Net Income (loss) if loss, enclose in () or add a - sign