The Moore Distributor Company, Inc. has just received a franchise to distribute dishwashers. The company started business on January 1, 2020, with the following assets:

Cash P 45,000

Inventory 94,000

Delivery facilities and equipment 80,000

All facilities and equipment have a useful life of 20 years and no residual value. First quarter sales are expected to be P360,000 and should be doubled in the second quarter. Third quarter sales are expected to be P1,080,000. One percent of sales are considered to be uncollectible. The gross profit margin should be 30 percent. Variable selling expenses (except uncollectible accounts) are budgeted at 12 percent of sales and fixed selling expenses at P48,000 per quarter, exclusive of depreciation. Variable administrative expenses are expected to be 3 percent of sales, and fixed administrative expenses should total P34,200 per quarter, exclusive of depreciation.

Required: Prepare a pro-forma income statement for the second quarter of 2020.

(pls include the step by step solution so that I can study it, thank you in advance!)