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(1.) Truman Unlimited (Truman), distributor of heavy equipment and machinery, was organized on April 1, 1992. After one year of operations, the balance sheet for Truman is shown below: TRUMAN UNLIMITED Balance Sheet As of 1 April 1993 Current Liabilities P 600.000 Notes Payable Inventory 300,000 Bank Loans Payable P 900,000 Total Current Assets Cash PS. 200.000 P205.000 Total Fixed Assets Owners' Equity Office Equipment P 250.000 Paid-In Capital P 945,000 Less: Ace'd Dep'n 5.000 Retained Earnings Net Office Eapt P 245.000 Total Owners' Equity P 940.000 5.000 TOTAL ASSETS P1.145.000 TOTAL LIAB. & OE P1.145.000 *Monthly depreciation charges of P416.67 a month. Transactions for April and May 1993 are listed below: (a) Makes a cash disbursement for the rental of their new stockroom and office. Monthly rental is at P15,000 per month. Truman pays six months in advance. (b) Purchased imported heavy equipment and generators (all intended for sale). The list price on the imports were P25,000 but Truman was able to negotiate for a discount of 2,000. In addition on this, Truman paid P3,000 in taxes to have the imported goods cleared at customs. Of the total amount of the goods that were entered in the accounting records, 50% were paid for in cash, and the rest were on credit. (c) Goods worth P270,000 were removed from inventory, delivered to customers, and were sold for P600,000. Of this amount, 75% were on credit while the rest were on cash basis. It was estimated that 10% of those sales on credit would never be collected. (d) Issues a check for P13,000 to pay off part of the principal of the Bank Loan obtained. (e) A customer pays Truman P500 for a machine part worth P200. The customer requests that the part be delivered after 100 days. (1) Cash Disbursements: Utilities, P30,000: Salaries, P5,000; Interest, P9,000, (g) Takes P135,000 from the business to give as donation to a home for street children. (h) Income tax rates are as follows: 35% for the first 25,000; 45% for any amount above 25,000. Assume that Truman pays all taxes on January 1994 Required: (1) Journalize all relevant transactions. (2) Prepare the income statement for the two months and the balance sheet as of May, 1993, in proper format