NOYC Corperation has its home olfice in Manla and suarted Wo new branches in Pasig and Tagulg. The following are the transactions for the month of January. Jan. 1 - Home eflice transferred eash to Pasig and Taguig branch amounting to P150,000 and P120,000 respectively. Home oflice also transferred Furniture to Pasig branch with a hiltorical. P120,000 respectively. Home oflice also tranafered Furniture to Pasig branch wishathationcal cost of P240,000 and an accumulated depreciation of P24,000. It is the compaty/s pollcy to depreciate all fxed essets at a rate of 10%. 2 . Home office shipped merchandise to Pssig branch costing P280,000. skipping cost of P1200 were paid by the branch. 7. Tagulg branch purchased on account merchandise from BilyHere Co. amounting to P170,000. 10. Sales for Pasig and Taguig branch amounted to P400,000 and P350,000 respectively, of which Sales for Pasig and Taguig teanch amounted to P4000,00000 were collected, respectively. 15. Pasig branch was ordered to transfer merchandise costing P42,000 to Taguig branch. Fisight cost amounted to P500 for this transfer was paid by Taguig branch. The normal cost of shipment trom home office to Taguig branch is equal to 5% of ecst of inventory shipped. 20- Patig branch paid BilyHere Co, in full. 25 - Expenses paid by home otfice for Pasig branch amounted to P45,000 and for Taguig branch P40,000. 31. Both branches remitted cash to home oftice the amount in excess of their beginning cash balances (d there's any). - Cost of imventory of Pasig and Taguig beanch amounted to P40,000 and P28,000 (encluding freight). All of which came from shipment from home olfice. REQUIREMENTS a. Prepare the necessary joumal entries for home office, Pasig branch and Taguig branch. b. Prepare the necessary adjusting and closing entries. c. Answer the following questions: 1. What is the balance of investrsent in Pasig branch 2. What is the balance of linvestment in Taguig branch 3. How much is the total net incomen(loss) of all branches. PART 3 On December 31, 2022, the limvestment in Branch acoount on the home office's books of MAFAROT Corporation has a balance of P102,000. In analyzing the activity in each of these acoounts for December, you find the following differences: a. A P12,000 branch remittance to the home oflice initiated on December 27, 2022, was reconded on A Phe horme office books on January 3, 2023 . b. A home office inventory shipenent to the branch on December 28, 2022, was recorded by the branch on January 4, 2023; the baling of P24,000 was at cost. c. The home office incurted in P14,400 of advertising expenses and allocated P6,000 of this amount to the branch on December 15, 2022. The branch has not recorded this transaction. to the branch on Decenber 15, 2022. The branch has notrecorded this transaction. A branch customer remilted P3,600 to the home office. The home oflice recorded this cash A branch customer remited P3,c00 to the home ollice. The homo elion on December 23, 2022. Meamahle, back at the branch, no entry bes been made yet. collection on December 23, 2022. Meanahie, back at the bianch, no entry has been made yet . The e. Inventory costing P51,600 was sent to the branch by the horn ollice on biiling was at cost, but the branch tes of Home Ofice and Branch. NOYC Corperation has its home olfice in Manla and suarted Wo new branches in Pasig and Tagulg. The following are the transactions for the month of January. Jan. 1 - Home eflice transferred eash to Pasig and Taguig branch amounting to P150,000 and P120,000 respectively. Home oflice also transferred Furniture to Pasig branch with a hiltorical. P120,000 respectively. Home oflice also tranafered Furniture to Pasig branch wishathationcal cost of P240,000 and an accumulated depreciation of P24,000. It is the compaty/s pollcy to depreciate all fxed essets at a rate of 10%. 2 . Home office shipped merchandise to Pssig branch costing P280,000. skipping cost of P1200 were paid by the branch. 7. Tagulg branch purchased on account merchandise from BilyHere Co. amounting to P170,000. 10. Sales for Pasig and Taguig branch amounted to P400,000 and P350,000 respectively, of which Sales for Pasig and Taguig teanch amounted to P4000,00000 were collected, respectively. 15. Pasig branch was ordered to transfer merchandise costing P42,000 to Taguig branch. Fisight cost amounted to P500 for this transfer was paid by Taguig branch. The normal cost of shipment trom home office to Taguig branch is equal to 5% of ecst of inventory shipped. 20- Patig branch paid BilyHere Co, in full. 25 - Expenses paid by home otfice for Pasig branch amounted to P45,000 and for Taguig branch P40,000. 31. Both branches remitted cash to home oftice the amount in excess of their beginning cash balances (d there's any). - Cost of imventory of Pasig and Taguig beanch amounted to P40,000 and P28,000 (encluding freight). All of which came from shipment from home olfice. REQUIREMENTS a. Prepare the necessary joumal entries for home office, Pasig branch and Taguig branch. b. Prepare the necessary adjusting and closing entries. c. Answer the following questions: 1. What is the balance of investrsent in Pasig branch 2. What is the balance of linvestment in Taguig branch 3. How much is the total net incomen(loss) of all branches. PART 3 On December 31, 2022, the limvestment in Branch acoount on the home office's books of MAFAROT Corporation has a balance of P102,000. In analyzing the activity in each of these acoounts for December, you find the following differences: a. A P12,000 branch remittance to the home oflice initiated on December 27, 2022, was reconded on A Phe horme office books on January 3, 2023 . b. A home office inventory shipenent to the branch on December 28, 2022, was recorded by the branch on January 4, 2023; the baling of P24,000 was at cost. c. The home office incurted in P14,400 of advertising expenses and allocated P6,000 of this amount to the branch on December 15, 2022. The branch has not recorded this transaction. to the branch on Decenber 15, 2022. The branch has notrecorded this transaction. A branch customer remilted P3,600 to the home office. The home oflice recorded this cash A branch customer remited P3,c00 to the home ollice. The homo elion on December 23, 2022. Meamahle, back at the branch, no entry bes been made yet. collection on December 23, 2022. Meanahie, back at the bianch, no entry has been made yet . The e. Inventory costing P51,600 was sent to the branch by the horn ollice on biiling was at cost, but the branch tes of Home Ofice and Branch