Please answer in good accounting form and all amounts should be captioned, no abbreviations.

Problem 15-15 (IAA) Corolla Company prepared the following comparative statement of financial position on December 31, 2021: Assets December 81 January 1 Cash 750,000 Notes receivable 210,000 330,000 Accounts receivable 950,000 200,000 Inventory 1,500,000 740,000 Prepaid expenses 1,600,000 100,000 Investment (at cost) 120,000 100,000 Equipment (net) 400,000 1,200,000 1,000,000 4,810,000 4,390,000 Liabilities and Equity Notes payable 580,000 Accounts payable 750,000 750,000 600,000 Interest payable 30,000 Accrued expenses 50,000 40,000 Bonds payable 500,000 Share capital, P100 par 1,300,000 1,000,000 Share premium 1,500,000 1,000,000 Retained earnings 600,000 500,000 4,810,000 4,390.000 Cash receipts Cash disbursements Issue of share capital 800.000 Trade creditors - notes Trade debtors - notes and accounts 2.100.000 and accounts 2,950,000 Expenses 790.000 Note receivable discounted: Dividends 400.000 Face value, P200,000. Equipment 280.000 proceeds 190.000 Bonds 500.000 12% one-year note issued to bank on March 1, 2021 300.000 Sale of investment 250.000 4,070,000 1.490,000 Required: Determine the net income or net loss using the single entry method and prepare an income statement