Case I. Statement of Comprehensive Income

Dela Pax Company's trial balance reflected the following account balances on December 31, 2X21:

Net sales P8,000,000

Share of profit of associates 250,000

Cost of goods sold 5,000,000

Interest income 60,000

Gain on sale of machinery 100,000

Revaluation surplus during the year 600,000

Finance cost 70,000

Distribution costs 120,000

Administrative expenses 240,000

Translation loss on foreign operation 100,000

Income tax expense 894,000

Income from discountinued operations 400,000

Required:

Compute for the following:

a.Gross income

b.Income from continuing operations

c.Comprehensive income

Case II. Statement of Changes in Equity

On February 1, 2X16, the balance of the retained earnings account of Blue Power Corporation was P315,000. Revenues for February totaled P61,000, of which P57,500 was collected in cash. Expenses for February totaled P65,000, of which P54,000 was paid in cash. Dividends declared and paid during February were P6,000.

Required:

Calculate the retained earnings balance at February 28, 2X16.