1.What would be the annual contribution to the fund at the end of each year for 5 years in order to accumulate P5,000,000 at the rate of 11% compounded annually? The first contribution is made on December 31, 2019 and every December 31 thereafter.

Note: Round off future value factors to four decimal places (e.g X.XXXX). Round off amounts to the nearest peso.

2.What would be the annual contribution to the fund at the beginning of each year for 4 years in order to accumulate P3,000,000 at the rate of 9% compounded annually? The first contribution is made on January 1, 2019 and every January 1 thereafter.

Note: Round off future value factors to four decimal places (e.g X.XXXX). Round off amounts to the nearest peso.

3.Psycho Company insured the life of its president for P2,000,000, the entity being the beneficiary of an ordinary life insurance policy. The annual premium is P80,000 and the policy is dated January 1, 2016. The cash surrender values are P15,000 on December 31, 2018 and P19,000 on December 31, 2019. The entity follows the calendar year as the fiscal period. The president died on October 1, 2019 and the policy is settled on December 31, 2019.

What is the life insurance expense for 2019?

4.Jake Company accounts for noncurrent assets using the cost model. On October 1, 2019, the entity classified a noncurrent asset as held for sale. At that date, the carrying amount was P3,200,000, the fair value was estimated at P2,200,000 and the cost of disposal at P200,000. On December 15, 2019, the asset was sold for net proceeds of P1,850,000. What amount should be included as an impairment loss in the statement of comprehensive income for the year ended December 31, 2019?

5.On January 2, 2019, Raymond Company classified as held for sale a noncurrent asset with a carrying amount of P5,000,000. On this date, the asset is expected to be sold for P4,600,000. Reasonable disposal cost to be incurred on sale is expected at P200,000. By December 31, 2019, the asset had not been sold and management decided to place back the noncurrent asset into operations.

On same date, the entity estimated that the noncurrent asset is expected to be sold at P4,300,000 with disposal cost of P50,000. The carrying amount of the noncurrent asset is P4,000,000 on December 31, 2019 if the noncurrent asset is not classified as held for sale.

What is the carrying amount of the asset that should be reported in the statement of financial position on December 31, 2019?