As at Dec. 31, 2019, the accounting records for Esperanza Nolasco Outdoor Ad Concepts contained the following balances: Assets Liabilities and Cash P580,000 Capital Accounts Receivable 110,000 Accounts Payable P 34,000 Land 90.000 Total P780,000 Nolasco, Capital 746.000 Total P780.000 The following accounting events apply to year 2020: Jan. Received P100,000 additional cash investments from the owner. Purchased a service vehicle that cost P100,000. The vehicle has an P10,000 salvage value and a 3-year useful life. Feb. 1 Borrowed P100,000 by issuing a note that carried a 9% annual interest rate and a 1-year term. Paid P24,000 cash in advance for a 1-year lease for office space. (Asset Method was used) Mar. 1 Nolasco withdrew P30,000 for emergency personal use. (Use Nolasco, Drawings) April 1 Acquired land that cost P70,000 cash. May 1 Made a cash payment on accounts payable amounting to P15,000. July 1 Received P42,000 cash in advance as a retainer for services to be performed monthly over the coming year starting next year. (Liability Method was used) Sept. 1 Sold land for P100,000 cash. The land originally cost P90,000. (Use Gain on Sale of Land) Oct. 1 Purchased P20,000 of supplies on account. (To be debited to Supplies) Nov. 1 Purchased a 1-year P50,000 certificate of deposit that paid a 5% annual rate of interest. (Use Short-term Investment account) Dec. 31 Total earned service revenues (on account) for the year, P250,000. 31 Total cash collections from accounts receivable amounted to P200,000. 31 Incurred other operating expenses on account during the year that amounted to P80,000. 31 Accrued salaries amounted to P32,000. 31 P1,000 of supplies remained on hand at the end of the period