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Problem 1 Schloopy Dinggus Corporation is principally engaged in the buy and sell of memory pillows and memory foams. Below is information gathered from its records for the year 2020: Item Gross Sales Inventory, Beginning Purchases Freight-in Freight-out Sales Returns Sales Discount Purchase Returns Purchase Discount Inventory, Ending Interest Income Dividend Income Rent Income Gain from Sale of Idle Property Investment Income Interest Expense Office Salaries Sales Salaries SSS Contribution - Sales SSS Contribution - Office Bonus for Officers Office Supplies Store Supplies Taxes and Licenses Depreciation - Office Equipment Depreciation Store Equipment Sales Commission Advertising Loss on Sale of Investments Loss on Sale of Property Casualty Loss from Earthquake Amount (In Pesos) 9,300,000 1,500,000 6,000,000 300,000 250,000 100,000 200,000 150,000 250,000 2,000,000 180,000 120,000 100,000 500,000 500,000 200,000 650,000 600,000 20,000 30,000 100,00 70,000 50,000 20,000 130,000 150,000 180,000 100,000 30,000 120,000 170,000 Prepare its functional income statement for the year 2020. No need to show Net Income After Tax