DITO Company provided the following information for 2019.

Purchases 5,250,000.00

Purchases returns and allowances 150,000.00

Rental income 250,000.00

Selling expenses:

Freight out 175,000.00

Salesmens commission 650,000.00

Depreciation store equipment 125,000.00

Merchandise inventory, January 1 1,000,000.00

Merchandise inventory, December 31 1,500,000.00

Sales 7,850,000.00

Sales returns and allowances 140,000.00

Sales discounts 10,000.00

Administrative expenses

Officers salaries 500,000.00

Depreciation office equipment 300,000.00

Freight in 500,000.00

Income tax 250,000.00

Loss on sale of equipment 50,000.00

Purchase discounts 100,000.00

Dividend revenue 150,000.00

Loss on sale of investment 50,000.00

Required: A detail "NOTES" and income statement using functional method for the year.