Manila Chicago Company Branch Debits Cash Accounts Receivable $ 64,200 $ 39,000 50,000 14,000 Inventory, January 1 20,000 6,000 Equipment 12,000 Investment in Chicago Branch 65,080 Purchases! 50,000 Shipment from home office Operating Expenses 48,480 36,600 16,000 Credits Accumulated Depreciation Equipment 2,400 Accounts Payable 10,800 14,400 Home Office 53,080 Share Capital 120,000 Retained Earnings 13,200 Sales 90,000 56,000 Shipment to Chicago branch ? Allowance for overvaluation of inventory ? Other data 1. A shipment of merchandise from home office to Chicago branch is in transit on December 31, 2021, $12,000(at billed price). 2. Inventory on December 31, 2021 for home office was $4,600 and for Chicago branch was $3,000(excluding goods in transit).