Exercise No. 2: Fill in the blanks and Problem. PROBLEM #1 Assets 760,000 Liabilities 360,000 Onwner's Equity 860,000 592,000 109,000 760,000 626,600 376,240 800,000 (200,000) 6 600,000 450,000 7 $30,000 410,000 B 473,000 153,700 9 147,000 236,500 10 624,000 237,000 Fill the amount of the missing element of the financial position. PROBEM 2 2234 Income 840,000 Expense Profit (Loss) 360,000 2,400,000 540,000 1,300,000 860,000 2,000,000 720,000 5 1,800,000 (400,00) 6 750,000 500,000 7 500,000 600,000 700,000 9 600,000 150,000 (150,000) 10 900,000 900,000 * Fill the amount of the missing element of the financial performance. PROBEM 3 1. At the beginning of the year, the assets of Luke Services were P360,000 and its owner's equity was P200,000. During the year, assets increased by P120,00 and liabilities increased by P20,000. What was the owner's equity at the end of the year? 2. The liabilities of Neechee Company equal one-third of the total assets, and the owner's equity is P240,000. What is the amount of the liabilities? 3. At the beginning of the year, Cora Station had liabilities of P100,000 and owner's equity of 296,000. If assets increased by P40,000 and liabilities decreased by P30,000. What was the owner's equity at the end of the yaer? Use the accounting equation to answer each of the questions above.