P$5$

From the $2022$ account balances given below for Surefire Corporation, you are tasked to prepare the statement of profit or loss. Observe proper classifications.

Freight In P $1,000,000$

Income Tax $500,000$

Purchases $10,500,000$

Purchase returns $150,000$

Purchase allowances $150,000$

Rent Income $500,000$

Freight out $350,000$

Sales commission $1,300,000$

Depreciation expense $-$ Store equipment $250,000$

Inventory $-$ January $12,000,000$

Inventory $-$ December $313,000,000$

Sales commission $15,700,000$

Sales returns $250,000$

Sales allowances $30,000$

Sales discounts $20,000$

Officers' salaries $1,000,000$

Depreciation expense $-$ Office equipment $600,000$

Purchase discounts $200,000$

Dividend income $300,000$

Loss on sale of equipment $100,000$

Loss on sale of investment $100,000$