Mr. A, a farmer, had the following data for the year: Sales of livestock and farm products raised P270,000 Sales of livestock and farm products purchased P160,000 Cost of raising livestock and farm products P190,000 Cost of livestock and farm products purchased and sold P140,0-00 Rental income of farm equipment P105,000 Inventory of livestock and farm products, January 1 P110,000 Inventory of livestock and farm products, December 31 P113,000 A. Using cash method of accounting, the income is: P205,000 P208,000 P395,000 P202,000 ) Incorrect