Lancer Company provided the following data obtained from the single entry records for 2017:

December 31 January 1

Cash 1,600,000 1,200,000

Notes receivable 1,200,000 400,000

Accounts receivable 2,000,000 1,600,000

Merchandise inventory 960,000 1,600,000

Equipment 1,120,000 1,200,000

Notes payable 480,000 720,000

Accounts payable 1,040,000 1,200,000

Accrued interest payable 40,000 80,000

Unearned rent income 40,000 120,000

Cash receipts

Accounts receivable (after sales

Discounts of P100,000) 3,000,000

Notes receivable 960,000

Cash sales 800,000

Rent income 80,000

Sale of equipment costing P 200,000

And carrying amount of P 100,000 120,000

Investment 600,000

Cash payments

Accounts payable 1,520,000

Notes payable 1,280,000

Cash purchases 600,000

Interest expense 160,000

Expenses 800,000

Equipment 400,000

Withdrawals 400,000

Accounts Receivable of P120,000 were written off as uncollectible. Returns of P 320,000 were made on merchandise sales. Allowances of P 80,000 were received on merchandise purchases.

I need to Compute the net income or loss using the single entry method and prepare a income statement.(this is what i need)