The following records were taken from the books of the Company and its branch on December 31, 2021:  Expenses incurred by the HO is P382,000 and branch incurred P101,500. In 2021, home office billed the branch at 120% of cost which was lower by 5% than last year's. The Company applies FIFO inventory system What is the a.combined net income and b. balance of the Unrealized Gain account?

 

Sales Shipments to branch Beginning inventory Purchases Shipments from home office Ending inventory Home Office Books P 1,060,000 210,000 115,000 820,000 142,500 Branch Books P 315,000 44,500 252,000 58,500