please help me answer the following in good accounting form

problem 1

Problem 1: ABC Company, an entity organized on January 1, 2018, provided the following information: 2019 2020 Cash and cash equivalents 3,000,000 4,250,000 Inventory 2,200,000 3,000,000 Equipment, net 1,500,000 1,400,000 Land 4,500,000 4,500,000 Current liabilities (all monetary) 1,500,000 2,000,000 Noncurrent liabilities (all monetary) 6,000,000 6,500,000 Share capital 3,000,000 3,000,000 Retained earnings 700,000 1,650,000 Sales 8,000,000 Inventory, January 1 2,200,000 Purchases 5,200,000 Inventory, December 31 3,000,000 Operating expenses (excluding depreciation) 1,700,000 Depreciation 100,000 Income tax expense 500,000 Cash dividend paid on December 31, 2020 350,000 Additional information: 1. The pertinent index numbers are: January 1, 2018 - 100 December 31, 2019 - 120 January 1, 2019 - 100 December 31, 2020 - 200 2. The land and equipment were acquired on January 1, 2018. Required: If financial statements are restated using 2020 price level in accordance with constant peso accounting, how much would be: a. Retained earnings - 2019 (restated) b. Total assets - 2020 (restated) c. Retained earnings - 2020 (restated) d. Net income - 2020 (restated) e. Gain on purchasing powerProblem 2: ABC Company was formed on January 1, 2020. The entity reported the following financial statements pertaining to the first year of operations: Income Statement Sales P 5,000,000 Cost of goods sold Inventory - January 1 P 1,000,000 Purchases 3.100.000 Goods available for sale P 4, 100,000 Inventory - December 31 (900,000) 3.200.000 Gross profit P 1,800,000 Operating expenses Expenses excluding depreciation P 700,000 Depreciation 100.000 800.000 Income before income tax P 1,000,000 Less: Income tax expense 350.000 Net Income P 650.000 Statement of Financial Position Assets Cash P 500,000 Accounts receivable 600,000 Inventory 900,000 Land 800,000 Equipment (Life - 10 years) P 1,000,000 Accumulated depreciation 100.000 900.000 Total assets P 3,700,000 Liabilities and Shareholders' Equity Accounts payable P 500,000 Notes payable 400,000 Income tax payable 350.000 P 1,250,000 Share capital P2,000,000 Retained Earnings Net Income P 650,000 Dividends 200,000) 450.000 2.450.000 Total liabilities and shareholders' equity P 3,700,000 Current cost information on December 31, 2020: Cost of goods sold at average current cost P 3,500,000 Inventory 1,000,000 Land 1,500,000 Equipment 1,600,000 Required: In a restated set of financial statements prepared in accordance with the current cost accounting, how much would appear as 1. Realized holding gain 2. Unrealized holding gain 3. Net income 4. Total noncurrent assets 5. Total liabilities and shareholders' equity