Cavalier Company was incorporation on January 1, 2021. The following were the transactions during the year:

Total consideration from share issuance amounted to P4,000,000.

A land and building were acquired through a lump sum payment of P800,000. A mortgage amounting to

P200,000 was assumed on the land and building.

Total payments of P160,000 were made during the year on the mortgage assumed n the land and building. The

payments are inclusive of interest amounting to P20,000.

Additional capital of P400,000 was obtained through bank loans. None of the bank loans were paid during the

year. Half of the bank loan required a secondary mortgage on the land and building.

There is no accrued interest as of year-end.

Dividends declared during the year but remained unpaid amounted to P120,000.

No other transactions during the year affected liabilities.

Retained earnings as of December 31, 2021 is P240,000.

19) How much is the profit for the year?

20) How much is the total assets as of December 31, 2021?