John Bala is a lawyer specializing in corporate tax law. Provided below is a trial balanc taken on Dec. 31, 2004: Bala Legal Services Trial Balance Dec. 31, 2004 Cash P 75,000 Office Supplies 8.000 Prepaid Insurance 12,000 Office Equipment 150,000 Computer Equipment 60,000 Notes Payable P 50,000 Accounts Payable 5,000 Bala, Capital 114,000 Bala, Withdrawals 35,000 Consulting Revenues 390,000 Rent Expense 50,000 Salaries Expense 120,000 Telephone Expense 10,000 Utilities Expense 39,000 P559.000 P559,000