c. On June 29, the entity completed negotiations and signed a contract to provide services to a new client at an annual rate of P36,000. d. The Supplies account showed a beginning balance of P16,150 and purchases during the year of P37,660. The year end inventory revealed supplies on hand of P11,860. e. The Prepaid Insurance account showed the following entries on June 30: Beginning Balance P 15,300 January 1 29,000 May 1 33,660 The beginning balance represents the unexpired portion of a one-year policy purchased in April of the previous year. The January 1 entry represented a new one-year policy and the May 1 entry is the additional coverage of a three-year policy. f. The following table contains the cost and annual depreciation for buildings and equipment, all of which were purchased before the current year: Account Cost Annual Depreciation Building P1,850,000 P73.000 Equipment P2,180,000 P218,000 g. On June 1, the entity completed negotiations with another client and accepted an advance of P210,000 for services to be performed in the next year. The P210,000 was credited to Unearned Service Revenues. h. The entity calculated that as at June 30 it had earned P35,000 on a P75,000 contract that will be completed and billed in August