SABINI operates a merchandising business. His capital amounted to P3,600,000 at the end of 2020.

Based on his 2021 accounting records, Owner's, Capital increased by 15%. His withdrawals equaled 70% of the increase in capital. Capital contributions equaled to 1/4 of beginning capital. Tax rate is 20% while gross profit rate is 35%.

A breakdown of his expenses for 2021 showed the following: cost of goods sold 2,600,000; ; selling expense 925,000; other expense- 25,000; interest expense - 35,000 and other income 25,000.

Identify the required below.

1. Change in equity

2. Net Income after tax

3. Net sales

4. Gross profit

5. General and Administrative Expense

6. Operating Expense

7. Operating Income

8. Earnings before interest and taxes

9. Earnings before taxes

10. Income tax expense