1. Entity A had total assets and total liabilities of P120M and P75M, respectively, at the beginning of the period. During the period, Entity A earned total income of P60M and incurred total expenses of P45M. How much is Entity A's ending total equity? a. P60M b. P80M C. P90M d. P120M 2. Entity A had total assets and total liabilities of P120M and P70M, respectively at the beginning of the period. During the period, Entity A earned total income of P60M and incurred total expenses of P40M. Entity A's total assets increased to P130M by year end. There were no additional contributions by, or distributions to, the owner during the period. How much is Entity A's ending total liabilities? a. P60M b. P70M C. P80M d. P90M