On January 1, 2021, AST Company sold an inventory costing P110,000 for P150,000. A 10% down payment was made and the balance payable in 4 equal installments of P33,750, payable semi-annually starting...

On January 1, 2021, AST Company sold an inventory costing P110,000 for P150,000. A 10% down payment was made and the balance payable in 4 equal installments of P33,750, payable semi-annually starting June 30 and December 31, 2021. The market rate of interest is 12%. (Round off present value factor to three decimal places). Selling expenses related with the installment sale is P5,000. How much is the net income related with the installment sale for the year ended 2021?