Transcribed Image Text: Selected accounts from the December 31, 2021 trial balances of DEF Corp. and its branch follow:
Shipment from Home Office
Home Office Current
Shipment to branch
Branch merchandise markup
As of December 31, 2021, a shipment with a billing price of P11,000 was in transit to the branch. Freight cost, is
always 5% of the billing price. Merchandise on hand at year-end were: at home office , P64,000 at cost; at branch
P33,000 at billing price and P15,000 purchased from outsiders. Compute the combined net income for 2021.