Analysis of SHELBY Co. records disclosed the following changes for the year 2020 and the supplementary data listed below: Cash - 150,000 increase; Accounts Receivable - 100,000 decrease; Inventory- P50,000 increase; Prepaid expenses - 5,000 increase; Accounts Payable - 70,000increase; Accrued salaries - 10,000 increase; unearn revenue-25,000decrease Q During 2020, the owner borrowed P350,000 in notes from the bank. Interest of P5,000 is payable on December 31, 2020. There was P1,000 accrued interest at December 31, 2019. The owner also made withdrawals in 2020 of P25,000.

Find net loss for 2020.

In statement format.