Manila Company Chicago Branch Debits Cash $ 39,000 14,000 6,000 Accounts Receivable Inventory. January 1 Equipment Investment in Chicago Branch Purchases Shipment from home office Operating Expenses $ 64,200 50,000 20,000 12,000 65.080 50,000 48,480 36,600 16,000 2.400 10,800 14.400 53,080 Credits Accumulated Depreciation Equipment Accounts Payable Home Office Share Capital Retained Earnings Sales Shipment to Chicago branch Allowance for overvaluation of inventory 120,000 13,200 90,000 56,000 ? ? 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), Manila Company Chicago Branch Debits Cash $ 39,000 14,000 6,000 Accounts Receivable Inventory. January 1 Equipment Investment in Chicago Branch Purchases Shipment from home office Operating Expenses $ 64,200 50,000 20,000 12,000 65.080 50,000 48,480 36,600 16,000 2.400 10,800 14.400 53,080 Credits Accumulated Depreciation Equipment Accounts Payable Home Office Share Capital Retained Earnings Sales Shipment to Chicago branch Allowance for overvaluation of inventory 120,000 13,200 90,000 56,000 ? ? 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)