Company prepared the following income statement for the year 2020: Sales 6,000,000 Cost of goods sold (2,800,000) Gross Income 3,200,000 Gain on sale of equipment 100,000 Total Income 3,300,000 Operating expenses (500,000) Casualty loss (300,000) Income before tax 2,500,000 Income tax- 30% 750,000 Net Income 1,750,000

Third quarter sales were 30% of total sales For interim reporting purposes, a gross profit rate of 40% can be justified Variable operating expenses are allocated in the same proportion as sales Fixed operating expenses are all allocated based on the expiration of time Of the total operating expenses, P400,000 relate to variable expenses and P100,000 relate to fixed expenses The equipment was sold on June 1 The casualty loss occurred on September 1

Questions:

1. What amount should be reported as income before tax for the third quarter ended September 30? 2. What amount should be reported as total income for the third quarter ended September 30? 3.What amount should be reported as income tax for the third quarter ended September 30? 4.What amount should be reported as operating expenses for the third quarter ended September 30? 5. What amount should be reported as net income for the third quarter ended September 30?