4 Badisa Corporation is a newly formed company. Below are the first ten transactions that Badisa encountered 1. Invested P100 000 cash, in capital. 2. Purchased building for P240 000, making a P40 000 down payment and singing a promissory note payable for the balance. 3. Paid wages expense of P10 000. 4. Provided services to customers for P30 000 cash 5. Paid utilities expense of P4 000. 6. Reduced note payable with a P16 000 cash payment (ignore interest costs). 7. Provided services to customers on account, P20 000. 8. Incurred wages expense of P6 000 to be paid in the future. 9. Collected P8 000 on an outstanding account receivable. 10. Withdrew P12 000 for personal use. Required: Prepare a worksheet of Badisa's transactions indicating the accounting equation. QUESTION 5 (10 marks) Pope (Ltd) just released the third quarterly financial results for 2016. The income statement indicates an income value of P268 987. Identify and explain the assertions made over this income value. (6 marks) OBOU 2022 Page 3 of 6