Develop an Income Statement/Profit and Loss Statement on a sheet of paper or MS Excel. Develop a Profit and Loss Statement using the following entries below: . Income tax of 30% . Depreciation Php 30,000 . Office Supplies Php 50,000 . Utilities Expense Php 45,000 . Sales Php 7,600,000 . COGS Php 2,200,000 . Furniture and Fixture Php 45,000 . Salaries and Wages Php 550,000 . Permits and Licenses Php 33,000 . Prepare the Report good for 5 Years Income Statement Particular Y2 Y3 Y4 Y5 Income Sales 7,600,000 9,120,000 9,576,000 10,054,800 10,054,800 COGS (2,200,000) (2,420,000) (2,420,000) (2,420,000) (2,420,00) Gross Profit 5,400,000 6,700,000 7,156,000 7,643,800 7,643,800 Expenses: Salaries and Wages (550,000) (577,500) (577,500) (750,750) (1,051,050) Office Supplies (50,000) (52,500) (52,500) (57,750) (75,075) Utilities Expenses (45,000) (47,250) (47,250) (56,700) (79,380) Permits and Licenses (33,000) (34,650) (34,650) (41,580) (54,054) Depreciation (30,000) (30,000) (30,000) (30,000) (30,000) Total Expenses (708,000) (741,900) (741,900) (936,780) (1,289,559) Income before tax 4,692,000 5,958,100 6,414,100 6,698,020 6,354,241 Income tax (30%) -1,407,600 -1,787,430 -1,924,230 -2,009,406 -1,906,272.3 Net Income PHP 3,248,400 PHP 4,170,670 PHP 4,489,870 PHP 4,688,614 PHP 4,447,968.7