3. Ignoring income tax, by what amount should shareholders' equity be increased for 2021 and 2022 in current value financial statements?*

On December 30, 2021, CHERRY Company paid $2,000,000 for land. On December 31, 2021, the current value of the land was $2,200,000. In January 2022, the land was sold for P2,250,000.CERISE Company uses accrual basis of accounting. Wages expense account had a balance of $255,000 at year end. The wages payable account had a P11,500 and #22,500 beginning and ending balance, respectively