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LAKERS Co . provided the following information on December 31, 2019: Income tax expense 80,000 Cash and cash equivalents 200,000 Income tax payable 60,000 Accounts

LAKERS Co. provided the following information on December 31, 2019:

Income tax expense

80,000

Cash and cash equivalents

200,000

Income tax payable

60,000

Accounts receivable

430,000

Deferred tax liability

140,000

Inventories

1,280,000

Retained earnings - 1/1/2019

1,800,000

FAFVTOCI

1,250,000

Dividends

500,000

Land

500,000

Revaluation surplus - 1/1/2019

180,000

Building

3,000,000

Unrealized gain on financial asset

140,000

A/D-building

800,000

Share capital

3,000,000

Plant and Equipment

1,200,000

Sales

5,000,000

A/D-plant and equipment

200,000

Realized gain on financial asset 2019

50,000

Patent

1,100,000

Revaluation surplus - land 2019

70,000

Notes payable - bank due 6/30/21

1,700,000

Cost of goods sold

3,000,000

Accounts payable

550,000

Distribution costs

980,000

Provisions

130,000

Administrative expenses

300,000

The entity issued shares at par value of P800,000 during the year.

Cash dividends of P300,000 were paid and share dividends of P200,000 were issued on 12/31/2019.

Requirements: Compute the balances of the following accounts for the period ended December 31, 2019:

  1. Net income (loss)
  2. Comprehensive income
  3. Reserves
  4. Retained earnings

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