Activity 1. Please answer the subparts 1 & 2 with solution! Thank you!

Mang Mojito Inputs: The Mang Mojito company produces and sells bottled non-alcoholic mojito. Sales are made through dealer network As of January 1, 2020 the balance sheet of Drink Mojito was as follows: Operations II III IV 12/31/ 1/1/2020 (example) 2020 Current assets V V V II ! (17,500) 25,000 50,000 30,000 0 0 980,000 Cash Raw materials Finished goods Receivables Total Current assets Non-current assets Machinery Vehicles Total Non-current assets Total assets 90,000 0 90,000 +170,000 7,500 Current liabilities Accounts Payables 250,000 7,500 Non-current liabilities 80,000 130,000 Loan Payables Total liabilities Shareholder's equity Share capital Retained earnings Total Shareholder's equity Total equity and liabilities 40,000 40,000 P170,000 7,500 In 2020 the company has made the following operations: 1. Drink Mojito bought 1000 bottles Php25 each. All bottles were delivered to the company's production facility. Payment terms are: 70% at delivery, 30% in January 2020. II. The company bought mint, lime, soda and sugar for total of Php35,000. It has fully paid the order. II. Using ingredients (raw materials) Drink Mojito produced and bottled mojito drink. The total cost of mojito is Php 70,000. (We don't count here for any labor and other costs). IV. Depreciation of machinery for 2020 comprised Php11,250 and was accounted for as cost of finished goods. V. The company raised additional funds by taking bank loan in amount of Php150,000 for 5 years. VI. It bought vehicle for Php100,000 and paid the full amount VII. It paid its old accounts payable that was in the balance sheet as of January 1, 2020. Requirements: 1. Write down the Mang Mojito's operations in its sheet provided above (see example "i"). 2. Prepare the balance sheet/statement of financial position of Mang Mojito as of December 31, 2020