Please answer.

ROUNDHEAD CORPORATION, which prepares financial reports at the end of the calendar year, established a branch on March 1, 2020 in Malolos City. The following transactions occurred during the formation of the branch and its operations through December 31, 2020.

1. The Home Office sent P28,672 cash to the branch to begin operations.

2. The Home Office shipped inventory to the branch.

Billings totaled P61,440, which was the Home Office's cost. (Both the Home Office and the Branch use a periodic inventory system.)

3. On July 1, 2020,the home office paid cash of P12,288 for merchandise display equipment to be used by the branch. (As a matter of company policy, branch fixed assets are carried on the home office books).

4. The branch purchased inventory costing P44,032 from outside vendors on account.

5. The branch had credit sales of P87,040 and cash sales of P35,840.

6. The branch collected P45,056 of its accounts receivable.

7. The branch paid outside vendors P28,672..

8. The branch incurred selling expenses of P15,360 and general and administrative expenses of P12,288. These expenses were paid in cash when they were incurred and include the expense of leasing the branch's facilities.

9. The home office charged the branch P2,048 for its share of insurance.

10. Depreciation expense on the display equipment acquired by the home office for the branch, thru December 31, 2020, is P1,024.

11. The branch remitted P10,240 cash to the home office.

12. The branch's physical inventory on December 31, 2020 is P 33,792, of which P 25,600 was acquired

from the home office (there was no beginning inventory).

Requirements:

1. Prepare journal entries in the books of the home office and in the books of the branch office for the above transactions.

2. Prepare closing entries in the books of the branch office to close its income statement accounts.

3. Prepare an adjusting entry in the books of the home office to reflect the increase or decrease in the branch's net assets resulting from the branch operations.