Apple Company, which began operations on January 1, 2020, has elected to use the cash basis accounting for tax purposes and accrual basis for the financial statements. The entity reported sales of P3,500,000 and P1,600,000 in the tax returns for the years ended December 31, 2021 and 2020 respectively. The entity reported accounts receivable of P300,000 and P500,000 on December 31, 2021 and 2020, respectively. What amount should be reported as sales in the Income Statement for 2021? A. 4,100,000 B. 3,700,000 C. 3,100,000 D. 4,700,000

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