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Question 1: ABC Corporation prepares quarterly interim financial reports. The company sells its products through sales agents who are paid a fixed monthly salary and a commission of 5% that is paid at year end. Sales for the first quarter were P20,000,000. However, in the second quarter, the employee's union negotiated that agent's commissions be increased to 10% and be applied as of the beginning of the current year. Sales in the second quarter were P25,000,000. What would be the sales commission expense of ABC Corporation reported in the second quarter's interim financial statement?
a. 3,000,000
b. 4,600,000
c. 3,500,000
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