1. Presented below are accounts of Somer Merchandising for year ended December 31, 2017. Prepare the Statement of Financial Position. Prepare the supporting documents. Cash Accounts Receivable Allowance for Bad Debts Notes Receivable Accrued Income Merchandise Inventory Prepaid Insurance Prepaid Rent Supplies Land Building Accumulated Depreciation - Building Equipment Accumulated Depreciation - Equipment Furniture and Fixture Accounts Payable Notes Payable-5 years Accrued Expenses Mortgage Payable Php 814 400 141 000 11 400 320 000 18 000 1916 000 264 000 280 000 67 840 680 000 1 080 000 578 000 826 000 345 000 20 000 1 000 000 627 320 80 000 712 000 Somer Merchandising Statement of Financial Position For Year Ended December 31, 2017 NOTE 1 2 3 ASSETS Current Assets Cash Trade and Other Receivables Merchandise Inventories Prepaid Expenses Total Current Assets Non-Current Assets Plant Property and Equipment TOTAL ASSETS LIABILITIES and OWNER'S EQUITY Current Liabilities Trade and Other Payables Non-Current Liabilities Mortgage Payable TOTAL LIABILITIES OWNER'S EQUITY TOTAL LIABILITIES AND OWNER'S EQUITY SIPPORTING NOTES 2. Prepare Statement of Changes in Owner's Equity for year ended December 31, 2019. The beginning capital of RodNeddie Trading is Php 728 000. During the year, the owner made an additional investment of Php 20 000 and withdrew Php 35 000 for personal use. Net Income during the year amounted to Php 45 000