PROBLEM 5-9 ROBINA COMPANY provided the following trial balance as of June 30, 2020: Debits Credits Cash............... ........... ..P1,000,000 Trade & Other Receivables. 3,000,000 Inventories................... 200,000 Dairy Livestock (immature................ 100,000 Dairy Livestock (mature)...... 800,000 Plant, Property & Equipment (net)......... 2,800,000 Trade & Other Payables... ...........P1,040,000 Notes Payable (long-term). ..... 3,000,000 Common Stock.... 2,000,000 Retained Earnings- Jan. 1, 2020............ 1,600,000 Fair Value of Milk Produced.... 1,200,000 Gain from Change in Fair Value........ 100,000 Inventories Used............... 280,000 Staff Costs............... 240,000 Depreciation Expense.. 30,000 Other Operating Expenses......... 380,000 Income Tax Expense.... 110,000 Totals........... P8,940,000 P8,940,000 REQUIRED: 1. Prepare the income statement for the 6-month period ended June 30, 2020. 2. Prepare a properly classified balance sheet as of June 30, 2020