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 first month of operations:

1. 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 2,000,000.
2. On January 2, the company paid rent of P240,000 which covers the first quarter of the year.
3. On January 2, several units of equipment, furniture, and fixtures 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.
4. On January 3, supplies worth P12,000 were purchased, 2/10, n/30
5. On January 12, CMCM completed 2 projects and billed customers with total amount of P220,000. On January 26, they finished a project with P&G Phils. and billed the client 120,000. The invoice came with payment terms, 5/10, n/30.
6. 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 1,000,000. The company received the loaned amount at the middle of the month of January.
7. On January 28, CMCM received in advance, P125,000, from a client for a project that will start on February 14.
8. January 29, the company collected the entire receivable from the January 26 transaction

Adjustments that would have to be made include:

1. Depreciation of equipment, furniture, and fixtures on a straight-line basis.
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.
3. Part of the company's rent paid has expired.
4. Interest on Bank Loans Payable

Questions

1. Make an appropriate entry for the transactions
2. Make an appropriate entry for the Adjusments.
3. balance sheet
4. Income statement
5. If CMCM falls under the 30% government tax bracket, what is their NIAT for January?