Bonga Repair Company began business operations on May 1, 2021. During 2021, the company recorded transactions using the cash-basis method. On April 30, 2022, the trial balance reported the following amounts:

Trial Balance

Bonga Repair Company

April 30, 2022

	Dr.	Cr.
Cash	50,000
Repair Equipment	120,000
Supplies Expense	60,000
Salaries Expense	23,500
Rent Expense	45,000
Utilities Expense	10,000
Insurance Expense	20,000
Interest Expense	7,400
Notes Payable		70,000
Service Revenue		230,000
Bing Bong, Capital		37,000
Bing Bong, Drawing	1,100
TOTAL	337,000	337,000

Bonga, the owner, decided that it would be wiser to use the accrual-basis method to keep its accounting records. Details of unrecorded accruals and other information as of April 30, 2022 are as follows:

Supplies on hand on April 30, 2022 amounted to P15,000.

On April 30, utilities payable amounted to P6,500.

On April 30, rent payable amounted to P12,000.

It is estimated that the repair equipment bought on September 17, 2021 would have an estimated useful life of 10 years, P10,000 scrap value.

The notes payable balance consists of two notes: a two-year note of P50,000, dated June 1, 2021, bearing an interest of 10%; and a one-year note of P20,000, dated April 1, 2022, bearing an interest of 12%. (Interests were deducted in advance)

On April 5, 2022, Bonga rendered services on account for P25,000.

Included in the Service Revenue was P1,500 deposit given by a customer for repairs to be done on June 1, 2022.

Salaries of employees amounting to P18,500 on April 30, 2022 will be paid on May 5, 2022.

Required:

For the period ending April 30, 2022, prepare:

Income Statement

Statement of Changes in Owners Equity

Classified balance sheet, report form