After graduation from high school, Richard Cruz decided to put up photocopyingbusiness because there was none near the vicinity of the school. Students had to walkfar just to go to the nearest photocopying center. Richard knew that the demand forphotocopying service among high school students was high because teachers oftenassigned readings and lecture notes that should be photocopied.Richard opened his photocopying business on August 1, 2019. He rented acommercial space located in front of the high school gate for P 5,000 per month. He alsoborrowed P 50,000 (without interest) from his father to buy a brand-new photocopyingmachine costing P30,000 and to pay for other start-up expenses. He planned to pay thusP50,000 in four years. From his personal savings, Richard Spent P10,000 for supplieslike bond papers, staplers, paper clips, and other supplies that would need in his business.He also paid P2,000 for business permits and licenses. And because Richard had toattend to his classes in a nearby university, he hired a staff with a weekly salary of P1,000to operate the business. Richard planned to visit his photocopying shop after his classevery day to check on it. Is he gain or loss?