B. Blue Waves Corporation provides the following information of June 2021:

Freight In P 10,000 Rent Expense P 20,000

Freight Out 7,000 Salary Expense 61,000

Insurance Expense 12,000 Sales Discount 8,000

Purchases 200,000 Sales Returns 13,000

Purchase Discounts 3,000 Sales 312,000

Purchase Returns 6,000

Additional information:

The beginning inventory is P42,000 and the ending inventory is P63,000.

Prepare the Income Statement of Blue Waves Corporation.