2. FATUOUS SILLY Co. is preparing its interim financial statements for the period ended March 31, 20x1. The following relate to the transactions during the first quarter: a. Total sales for the interim period was P2,000,000. b. Cost of sales was P900,000. c. FATUOUS is liable for 5% commission on its sales to its sales representatives and agents. No commission has yet been paid as of March 31, 20x1. d. The allowance for doubtful accounts has a balance of P10,000 as of January 1, 20x1. The required balance as of March 31, 20x1 is P30,000. There were no write-offs or recoveries during the period. e. A building with historical cost of P2,400,000 is being depreciated over 5 years using straight line method. f. FATUOUS prepaid a one-year insurance on its assets for P80,000 on January 1, 20x1,. g. Property taxes for 20x1 amounting to P52,000 was paid in January. h. Advertising costs of P100,000 were incurred in February on promotional activities held on Valentine's Day. i. Year-end staff bonuses are expected to be around P184,000. Employees become entitled to the bonuses as they provide services to FATUOUS during the year. j. FATUOUS's president is entitled to a 10% bonus on profit before bonus and taxes. k. Loss on sale of a used equipment on March 2, 20x1 was P60,000. I. FATUOUS incurred P24,000 on unanticipated repairs on its factory equipment on March 16, 20x1. m. Due to the unexpected breakdown of the factory equipment on March 16, 20x1, FATUOUS has planned a major periodic overhaul of its other equipment to be held annually starting on December 31, 20x1. The cost of the major planned periodic overhaul is estimated at P96,000. n. FATUOUS leases one of its retail stores. Monthly rentals are P10,000, however, the lease contracts provide for a contingent rent equal to 2% of the excess of sales over P1,800,000. o. FATUOUS's budget for 20x1 contributions of P58,000 and employee training costs of P26,000. None of those costs were incurred as of March 31, 20x1. p. p Other operating expenses incurred during the first quarter totaled P240,000. included charitable Requirement: Compute for the profit or loss for the first quarter ended March 31, 20x1.