A balance sheet for the Biden Company as of January 1, 2021 is as follows:

ASSETS

Cash

56,600

Accounts receivable

168,000

Less: Allowance for doubtful accounts

4,800

163,200

Merchandise inventory

184,000

Store furniture and fixtures

60,000

Less: Accumulated Depreciation

15,000

45,000

TOTAL ASSETS

448,800

LIABILITIES & STOCKHOLDERS' EQUTY

Accrued expense

1,000

Accounts payable

135,000

Capital stock

200,000

Retained earnings

112,800

TOTAL LIABILITIES & STOCKHODERS EQUITY

448,800

On this date, a branch sales office is established in Washington. The branch is sent of the following:

Cash, P6,000

Merchandise, cost P40,800

Store furniture and fixtures previously used by the home office - cost P12,000, age 2 years: depreciation rate used in the past, 10% a year. The cost of shipment and installation, P3,750, is paid by the branch. This cost is to be written off over the remaining life of the assets. The furniture and fixtures accounts are to be carried on the books of the Home Office. All the furniture and fixtures of home office were acquired the same date.

Accounts receivable, P10,400. Accounts arose from the home office sales to customers in Chicago. The branch is authorized to take over the accounts and make collections.

Home office and branch transactions with outsider during year 2021 were:

Home Office

Branch

Sales on account

138,400

32,800

Collections on own accounts

160,000

10,400

Purchases on accounts

126,400

12,000

Payments on account

144,800

5,800

Payment of expenses (including accruals as of Jan. 1)

36,800

5,000

The following took place in respect to accounts received by the branch from the home office: collections of P6,400 were made; accounts of P600 were uncollectible and were written-off; it is believed that remaining accounts of P3,400 are collectible.

Inter-office transactions during 2021 were:

Merchandise shipment to branch, at cost P 5,000

Cash remittance to home office 4,000

The following information is to be recorded on December 31, 2021:

Merchandise costing P2,400 was shipped by the home office to the branch on December 31, this merchandise is in transit and will not reach the branch until January 2 on next year. (This shipment in not included in transfers previously mentioned)

Expenses that are paid by the home office during the month and that are chargeable to the branch total P1,900. (These are not included in the P36,800 expenses paid previously)

Depreciation on furniture and fixtures is recorded at the rate of 10% a year.

Merchandise inventories on hand are: Home office, P178,000; Branch, P39,200.

Accrued expenses are: Home office, 3,000; Branch, P1,400.

Determine the following:

Branch result of operations for the year 2021.

Branch total assets as of Dec 31, 2021.

Home office account balance before net income.

Home Office's Net Income for year 2021.

Combined net income for the year 2021.

Combined assets as of Dec 31, 2021.

Combined total liabilities and stockholders equity

Investment in branch as of January 1, 2022 in HO Books.

Investment in Branch as of Dec 31, 2021 in Combined Balance Sheet.

Home Office Current as of Dec 31, 2021 in Branch Books.