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

Salesmen's 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: An income statement or financial statement using "functional method" for the year with supporting notes.