Kindly create journal entries and interim financial statements.

NAME: C/Y/S: DATE: ABC Company has the following information in 2020: (a) The entity paid Php24,000 insurance premium on May 1, 2019 for 2019. In 2020, the insurance premium of Php36,000 was paid on February 1, 2020. (b) The entity is leasing a small value asset for 11 months starting April 1, 2020 for Php5,000 per month. The entity paid the full amount due on the contract on November 1, 2020. (c) As of December 31, 2020, the book value of the entity's equipment amounted to Php384,000 with a remaining life of 4 years on the same date. On July 1, 2020 the entity purchased additional equipment of Php45,000. On January 1, 2020, the entity sold an equipment for a gain of Php20,000 when the carrying value is Php70,000. (d) The entity has a land held for capital appreciation and is carried at fair value that was acquired on April 1, 2020 by issuing the entity's 5-year Php3,000,000 face value bonds with a 10% annual interest. The entity uses straight-line method of amortization. The fair values of the land and bonds payable as of the end of each quarter are as follow. Land Bonds payable March 31, 2020 3,150,000 3,200,000 June 30, 2020 3,200,000 3,100,000 September 30, 2020 3,300,000 3,150,000 December 31, 2020 3,280,000 3,130,000 (e) Total sales during the year amounted to Php3,000,000, 30% of which is cash sales. The entity collects 80% of a quarter's credit sales during the month following that quarter while the remainder is collected in the 2nd quarter after that quarter. All sales are made evenly during the year. (f) Purchases made during the year amounted to Php 2,500,000 which are all credit purchases. The entity pays 90% of its quarter purchases in the month following that quarter while the remainder is collected in the 2nd quarter after that quarter. All purchases are made evenly during the year. (9) The entity has a 40% gross profit ratio and only conducts inventory count at year-end. The inventory on December 31, 2020 amounted to Php 490,000. (h) The entity's other operating expenses in 2020 are as follows: 1st quarter 2nd quarter 3rd quarter 4th quarter Incurred 50,000 40,000 70,000 48,000 Total payments 55,000 30,000 50,000 50,000 (0) Income tax rate is 30%. Income tax is paid the month following the end of every quarter. The entity uses 360 days in computing interest 0) The entity's post-closing trial balance as of January 1, 2020 is as follows: Debit Credit Cash Accounts receivable Time-deposit - 60 days (12% p.a.) Inventories Prepaid insurance Equipment 500,000 250,000 300,000 40,000 8,000 500,000 1,000,000 700,000 Building, 10-years remaining life Land Accounts payable Accrued operating expenses Share capital Retained earnings 400,000 20,000 1,000,000 1,878,000 3,298,000 3,298,000 NAME: C/Y/S: DATE: ABC Company has the following information in 2020: (a) The entity paid Php24,000 insurance premium on May 1, 2019 for 2019. In 2020, the insurance premium of Php36,000 was paid on February 1, 2020. (b) The entity is leasing a small value asset for 11 months starting April 1, 2020 for Php5,000 per month. The entity paid the full amount due on the contract on November 1, 2020. (c) As of December 31, 2020, the book value of the entity's equipment amounted to Php384,000 with a remaining life of 4 years on the same date. On July 1, 2020 the entity purchased additional equipment of Php45,000. On January 1, 2020, the entity sold an equipment for a gain of Php20,000 when the carrying value is Php70,000. (d) The entity has a land held for capital appreciation and is carried at fair value that was acquired on April 1, 2020 by issuing the entity's 5-year Php3,000,000 face value bonds with a 10% annual interest. The entity uses straight-line method of amortization. The fair values of the land and bonds payable as of the end of each quarter are as follow. Land Bonds payable March 31, 2020 3,150,000 3,200,000 June 30, 2020 3,200,000 3,100,000 September 30, 2020 3,300,000 3,150,000 December 31, 2020 3,280,000 3,130,000 (e) Total sales during the year amounted to Php3,000,000, 30% of which is cash sales. The entity collects 80% of a quarter's credit sales during the month following that quarter while the remainder is collected in the 2nd quarter after that quarter. All sales are made evenly during the year. (f) Purchases made during the year amounted to Php 2,500,000 which are all credit purchases. The entity pays 90% of its quarter purchases in the month following that quarter while the remainder is collected in the 2nd quarter after that quarter. All purchases are made evenly during the year. (9) The entity has a 40% gross profit ratio and only conducts inventory count at year-end. The inventory on December 31, 2020 amounted to Php 490,000. (h) The entity's other operating expenses in 2020 are as follows: 1st quarter 2nd quarter 3rd quarter 4th quarter Incurred 50,000 40,000 70,000 48,000 Total payments 55,000 30,000 50,000 50,000 (0) Income tax rate is 30%. Income tax is paid the month following the end of every quarter. The entity uses 360 days in computing interest 0) The entity's post-closing trial balance as of January 1, 2020 is as follows: Debit Credit Cash Accounts receivable Time-deposit - 60 days (12% p.a.) Inventories Prepaid insurance Equipment 500,000 250,000 300,000 40,000 8,000 500,000 1,000,000 700,000 Building, 10-years remaining life Land Accounts payable Accrued operating expenses Share capital Retained earnings 400,000 20,000 1,000,000 1,878,000 3,298,000 3,298,000