Question 70 2 pts The company received a 25-day 10% note for P36,000 from a customer upon sale of merchandise. Which of the following statements is CORRECT if the merchandise bought by the customer totaled P52,500? The company's total sales amount recorded on date of sale is P36,250. The company's total sales amount recorded on date of sale is P52,865. The company is expected to receive approximately P365 in interest income on maturity date of the note. The company is expected to receive P250 in interest income on maturity date of the note. Question 69 2 pts The following were taken from the company's records for the year: Administrative expenses: P300,000 Distribution costs: P148,000 Net purchases: P590,000 Other income: P50,000 Sales: P1,208,000 There were no beginning and ending merchandise inventories. How much was the company's net income for the year? O P120,000 P618,000 P220,000 O P668,000