clarification: Sales of equipment costing P100,000

REQUIRED:

 

The following data were made available from a single entry set of books of ABC Trading owned by Juan Abalos and transactions for the current year: Assets Cash Notes Receivable Accounts receivable Inventory Prepaid Expense Furniture and Equipment Total Assets Liabilities Notes payable Accounts payable Accrued Expense Interest Payable Unearned rent income Total Liabilities January 1 P 900,000 270,000 1,200,000 900,000 30,000 750,000 P 4,050,000 P 400,000 850,000 50,000 5,000 20,000 P 1,325,000 December 31 P 1,200,000 550,000 1,100,000 750,000 50,000 900,000 P 4,550,000 P 500,000 710,000 40,000 15,000 30,000 P1, 295,000