ASAP ASAP ASAP

B. The following transactions were incurred by ASC Company in 2014. January 2014 a. Incorporators infused Php.12.5 million cash in a newly organized corporation, ASC Company, a trading company. The par value of the shares is Php. 1.00 b. ASC Company bought land and building for Php. 6 million cash. The value of the building which has a remaining useful life of 20 years is Php.4 million. A full-year depreciation for the building can be recognized in 2014, C. ASC Company bought fixtures to be used in the operation of the business for Php.600,000. These are depreciable over 10 years. d. ASC Company bought office equipment for Php.500,000. These are depreciated over five years. e. ASC Company bought two transportation vehicles for Php. 1.1 million. These are depreciated over five years. Transactions of ASC for 2014: a. Bought merchandise worth Php 18 million, Php. 1.5 million of which remained unpaid as of December 31, 2014. b. Sold merchandise for Php 20 million. The everage cost of the merchandise sold is 75%% of the sales. Twenty percent of the sales remained uncollected as of December 31, 2014. C. Paid salaries of employees amounting to Php. 1.25 million. d. Total utilities incurred for the year is Php 280,000 Php. 250,000 of which was paid during the year. e. Other operating expenses which were paid in cash amounted to Php.350,000. C. Tax rate is 30%. Seventy percent of the tax due for the year was pain in 2014. The balance was paid in the first quarter of 2015. Requirements: Prepare the 2014 Income Statement or Statement of Profit or Loss of ASC Company. b. Prepare the Statement of Financial Position of ASC Company as of December 31, 2014. C. Prepare the Statement of Cash Flows