Presented below is the Asset section of AAA Corporation's statement of financial position as of December 31, 20x21. Cash and cash equivalents P2,100,000 Trade and other receivables 4,200,000 Inventories 5,400,000 Other current assets 500,000 Property, plant and equipment 7,190,000 Intangible assets 2,280,000 Other non-current assets 700,000 During the course of your audit, you noted the following: Cash and Cash equivalents The following were included in Cash and cash equivalent: Credit card receipts representing sales on December 31, 20x21, P90,000. Cryptocurrencies, P360,000. These are not held for sale in the ordinary course of business nor for investment purposes. Cash set aside for payment of income tax, P140,000. Cash surrender value of life insurance policy, P33,000. Investment in preference shares acquired on December 28, 20x21, P240,000. The shares are redeemable on March 28, 20x22 Customer's check for P65,000 dated January 2, 20x22, received on December 29, 20x21. Inventories The following were included in inventories: Equipment held for sale in accordance with PFRS 5, at carrying amount, P52,000. Fair value less costs to sell, P48,000. Goods held on consignment, P36,000. Goods out on consignment, P75,000. Goods in transit to customers (shipped FOB seller), P87,000. The related sales on account of P104,400 recorded in 20x22. Goods in transit to customers (shipped FOB buyer), P73,000. The related sales on account of P87,600 recorded in 20x22. Office supplies, P12,000 Property. plant and equipment The line item includes the following: Head office building P1,300,000 Factory building 1,450,000 Store building 920,000 Building occupied by employees 870,000 Land held for a currently undetermined future use 1,200,000 Delivery vehicles 830,000 Equipment for rental to others under operating lease 240,000 Bearer plants 380,000 P7,190,000 The entity uses the cost model for all items of property, plant and equipment. The employees pay rent at market rates. Fair value less costs to sell of bearer plants, P460,000. Intangible assets This line item includes the following: Patents P350,000 Trademarks 460,000 Cost of training employees 280,000 Research and development costs 880,000 Organization costs 310,000 P2,280,000 The costs of training employees resulted in a team of skilled staff. The entity cannot distinguish the research phase from the development phase of its project to create an intangible asset