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21. The Company paid P24,900 in insurance premiums during 2019. It showed P3,600 in prepaid insurance on its December 31, 2019, balance sheet and P4,500 on December 31, 2018. How much is the insurance expense for 20197 22. Make the necessary journal entries at the end of 2019 for each letters identified below if the company is using the liability method of recording unearned revenues. a. On June 1, 2019, received P144,000 as advance rent of two years. b. On May 1 2019, collected P36,000 for a one year advertising contract. c. On April 1, 2019, received P42,000 from a tenant representing rental for one year. d. The Company subleased a portion of its building for three months from Nov 1, 2019 to January 31, 2020. Unearned revenue was credit for P54,000 and no adjustment was made in this account at the end of 2019 23. Make the necessary journal entries at the end of 2019 for each letters identified below if the company is using the Income method of recording unearned revenues. a. On December 1, 2019, received P72,000 representing advance collection of a 10% commission on sales. Sales for the month amounted to P300,000. b. On November 1, received P1,850 interest for a P50,000 note receivable which matures after 6 months C. On August 1, received P1,500 for magazine subscriptions for two years 24. In November and December 2019, a magazine Company received P72,000 for 1,000 three-year subscriptions at P24 per year, starting with January 2, 2020, issue of the newspaper. How much should be reported in its 2019 income statement for subscription revenue? 25. The Company sold equipment for P3,700 that originally cost P22,000. The balance of the accumulated depreciation account related to this equipment was P19,000. a The entry to record the disposal of this equipment would include a credit to gain on sale of equipment of? b Show the journal entry of this PPE disposal. 26. A building which was purchased on January 1, 2009 was sold on December 31, 2011 and generated a gain on sale worth P200,000. It has an original cost of P1,100,000 with scrap value of P100,000. Engineers estimated that it would last for 20 years. How much cash was received during the said sale? 27. The following information was taken from the records of our company on December 31, 2019: Accounts Receivable - P421,850 Allowance for bad debts - P33,748 Transactions related to accounts receivable for the year 2020 are given below 1. Merchandise sold on account, P724,600 2. Collections made on accounts receivables: a. On 2009 sales, P125,000 b. On 2010 sales, P340,200