Problem 2. Endless Company provided the following information for the year ended Decembe 31, 2017: Contribution Delivery expense Depreciation-delivery truck Depreciation-office equipment Depreciation-store equipment Dividends paid Dividend revenue Doubtful accounts Income tax Freight in Gain on sale of equipment Interest revenue Loss on sale of trading securities Loss from inventory writedown Merchandise inventory, January 1 P 125,000 425,000 60,000 35,000 25,000 450,000 50,000 30,000 250,000 145,000 10,000 20,000 50,000 150,000 1,100,000 Office salaries Purchase discounts Retained earnings, January 1 Sales Sales returns and allowances Sales salaries Store supplies 950,000 45,000 550,000 8,750,000 150,000 600,000 150,000 Inventory at year-end was valued at P850,000, P1,000,000 cost less the P150,000 writedown Of inventory to net depreciation in 2016 by P200,000. Required: Prepare an income statement