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Question - A Company sells cars both on installment and cash basis. On March 30, 2019, the Company sold a car to a customer for P525,000 costing P414,000. A used car is accepted as down payment, P128,000 being allowed on the trade-in. The used car can be resold for P160,200 after reconditioning cost of P7,660. The Company expects to make a 20% gross profit on the sale of used car. The balance of the sale is to be paid on a 10-month installment basis starting May 1, 2019.
The customer defaulted payment starting November 1, 2019 and the car was immediately repossessed. The repossessed car was appraised at a value of P93,750 at the time of repossession. The Company had to incur additional cost of repairs amounting to P9,250 before the car was subsequently resold on December 1, 2019 for P128,750 cash to another customer.
What is the net income on December 31, 2019?
A. P64,200
B. P38,450
C. P49,100
D. P40,100
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