Create an Income statement and Statement of Changes in Equity:

Merchandise Inventory, Beg	P 450,000
Merchandise Inventory, End	430,000
Sales	5,500,000
Sales returns and Allowances	20,500
Purchases	900,000
Purchase Discount	50,000
Freight Out	16,000
Depreciation Expense Administrative Building	100,000
Salaries Expense (55% office, 45% Store)	300,000
Nas, capital	1,000,000
Nas, Drawings	10,000