At the end of its first year of operations, December 31, 2019, People Company showed the following unadjusted balances:

Debit Credit Total assets 530,000 Contra-asset accounts 30,000 Total liabilities 100,000 Owner's equity 200,000 Total revenues 500,000 Total expenses 300,000 Total 830,000 830,000 The following adjustments at December 31, 2019 should be considered:

a. Accrued expenses, P20,000

b. Accrued revenues, P10,000

c. P30,000 of total revenues is applicable for next accounting period

d. Included in total assets is P40,000 which had been used up or had expired by year-end

e. Depreciation on equipment, P30,000

f. Portion of rent expense is applicable to next accounting period, P50,000

QUESTIONS:

1. How much is the adjusted amount of total expenses incurred?

2. How much is the Owners equity balance at year-end?