CH Inc. is preparing its interim financial statements for the period ending March 31, 2021. The following relate to the transactions during the 1ª quarter. a. Total sales for the interim period was P 1,000,000. b. Cost of sales was P 450,000. c. Poseidon Inc. is liable for 5% commission on its sales to its sales representatives and agents. No commission has yet been paid as of March 31, 2021. d. The allowance for doubtful accounts has a balance of P 5,000 as of January 1, 2021. The required balance as of March 31, 2021 is P 15,000. There were no write-offs or recoveries during the period. e. A building with historical cost of P 1,200,000 is being depreciated over 5 years using the straight-line method. 1. Poseidon Inc. prepaid a one-year insurance on its assets for P 40,000 on January 1, 2021. g. Property taxes for 2021 amounting to P 26,000 was paid in January 3, 2021. h. Advertising costs of P 50,000 were incurred in February on promotional activities held on Valentine's Day. i. Year-end staff bonuses are expected to be around P 92,000. Employees become entitled to the bonuses as they provide services to Poseidon Inc. during the year. j. CH Inc.'s president is entitled to a 10% bonus on profit before bonus and taxes. k. Loss on the sale of a used equipment on March 2, 2021 was P 30,000. 1. CH Inc. incurred a P 12,000 on unanticipated repairs on its factory equipment on March 16, 2021. m. Due to the unexpected breakdown of the factory equipment on March 16, 2021, CH Inc. has planned a major periodic overhaul of its other equipment to be held annually starting on December 31, 2021. The cost of the major planned periodic overhaul is estimated at P 48,000. n. CH Inc. leases on of its retail stores. Monthly rentals are P 5,000, however, the lease contract provide for a contingent rent equal to 2% of the excess of sales over P 900,000. o. CH Inc.'s budget for 2021 included charitable contributions of P 24,000 and employee training costs of P 13,000. None of those costs were incurred as of March 31, 2021. p. Other operating expenses incurred during the 1" quarter totalled P 120,000. REQUIRED: Compute for the adjusted profit or loss for the 1ª quarter ended March 31, 2021.