On December 2018, a group of 5 friends decided to open CMCM Inc., which dealt with providing arts and sign works and installation services of small and large signages to commercial buildings. The following are the transactions that occurred during their rst month of operations: 1. 2. P" On January 1, 2019, their business was formally established through the issuance of 15,000 shares of stocks with a par value of ?100, and was bought for f2,000,000. On January 2, the company paid rent of P240,000 which covers the rst quarter of the year. On January 2, several units of equipment, furniture, and xtures were purchased and delivered. The total amount was f1,200,000, of which, 30% were unpaid. At the end of the useful life of 6 years, the company expect to sell these used assets at 10% of its original cost. On January 3, supplies worth P12,000 were purchased, 2/10, n/30 On January 12, CMCM completed 2 projects and billed customers with total amount of P220,000. On January 26, they nished a project with P&G 211115.- and billed the client ?120,000. The invoice came with payment terms, 5/10, n/30. In order to raise the company's liquidity, the owners decided to enter in to a loan contract with the bank for a 9%, 5-year bank loan amounting to f1,000,000. The company received the loaned amount at the middle of the month of January. On January 28, CMCM received in advance, P125,000, from a client for a project that will start on February 14. January 29, the company collected the entire receivable from the January 26 transaction. Adjustments that would have to be made include: LL) . Depreciation of equipment, furniture, and xtures on a straight-line basis. An inventory count of the amount of supplies is made at the end of January. The company realized that they used P9,150 of the supplies for the month of January. Part of the company's rent paid has expired. Interest on Bank Loans Payable. 1) What is the appropriate entry for transaction 1? 2) What is the appropriate entry for transaction 3? 3. On January 2, several units of equipment, furniture, and xtures were purchased and delivered. The total amount was ?1,200,000, of which, 30% were unpaid. At the end of the useful life of 6 years, the company expect to sell these used assets at 10% of its original cost. 3) What is the appropriate entry for transaction 7? 7. On January 28, CMCM received in advance, Pl25,000, from a client for a project that will start on February 14. 4) What is the appropriate entry for transaction 8? 8. January 29, the company collected the entire receivable from the January 26 transaction. 5) What is the appropriate entry for adjustment 1? 1. Depreciation of equipment, furniture, and xtures on a straightline basis. 6) What is the appropriate entry for adjustment 2? 2. An inventory count of the amount of supplies is made at the end of January. The company realized that they used P9,150 of the supplies for the month of January. 7) What is the appropriate entry for adjustment 3? 3. Part of the company's rent paid has expired. 8) What is the appropriate entry for adjustment 4? 4. Interest on Bank Loans Payable. 9) What is the company's total liabilities? 10) If CMCM falls under the 30% government tax bracket, what is their NIAT for January