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Selected accounts from the December 31, 2021 trial balances of DEF Corp. and its branch follow: DEF Corp. (550,000) 380,000 104,000 46,000 116,600 B Branch
Selected accounts from the December 31, 2021 trial balances of DEF Corp. and its branch follow: DEF Corp. (550,000) 380,000 104,000 46,000 116,600 B Branch (310,000) 50,000 58,100 23,100 Sales Purchases Expenses Beg. Inventory Branch Current Shipment from Home Office Freight in Home Office Current Shipment to branch Branch merchandise markup 15,000 209,000 11,000 (106,600) (200,000) (22,000) As of December 31, 2021, a shipment with a billing price of P11,000 was in transit to the branch. Freight cost, is always 5% of the billing price. Merchandise on hand at year-end were: at home office , P64,000 at cost; at branch P33,000 at billing price and P15,000 purchased from outsiders. Compute the combined net income for 2021
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