1. Listed below are the accounts relating to Income Statement of Ana Depasupil, owner of Tacloban Bakeshops for the three-month ended March 31, 20A. Sales Sales returns and allowances Sales discounts Purchases P500,000 20,000 10,000 300,000 Purchase returns and allowances 5,000 Transportation in 3,000 Inventory, Jan 1 170,000 Inventory, March 31 165,000 Operating expenses 120,000 Interest expense 7,000 How much is the net income March 31, 20A? F