Problem 1 - Income Statement and Related Information Presented below are income statement items from Gold Company for the year ended December 31, 2021. Sales revenue P 2.700,000 Cost of goods sold 1,150,000 Interest revenue 15,000 Loss from disposal of PPE 45,000 Gain from early extinguishment of debt 28,000 Selling and administrative expenses 480,000 Effect of change in estimated useful lives of fixed assets 35,000 Loss from earthquake 30,000 Gain on disposal of discontinued operation 50,000 Additional information: 1. Gold had an unrealized loss on non-trading equity securities of P12,000 net of tax. 2. Gold's tax rate is 30% and has 100,000 outstanding ordinary shares during 2021, REQUIRED: Prepare a statement of comprehensive income. Problem 2 - Statement of Financial Position and Statement of Cash Flows Albedo Corporation's statement of financial position at the end of 2020 included the following items. Current Assets P 282,000 Land 36,000 Buildings 144,000 Equipment 108,000 Accumulated Depreciation - Bidg. (36,000) Accumulated Depreciation - Eqpt. (13,200) Patents 48.000 TOTAL ASSETS P 568,800 Current Liabilities 180.000 Bonds Payable 120,000 Ordinary Share Capital 216,000 Retained Earnings 52.800 TOTAL LIABILITIES AND EQUITY P 568,800 The following occurred during the year: 1. Treasury shares were purchased at a cost of P13,200. 2. Cash dividends of P36,000 were declared and paid. 3. A long-term investment in shares was purchased for P19,200. 4. Cash increased by P39,000. Current assets other than cash increased by P34,800. Current liabilities increased by P15,600. 5. Depreciation expense was P4,800 on the building and P10,800 on equipment. 6. Net income was P66,000. 7. Bonds payable of P60,000 were issued. 8. An addition to the building was completed at a cost of P32,400. 9. Patent amortization was P3,000. 10. Equipment (cost P24,000 and accumulated depreciation P9,600) was sold for P12,000. REQUIRED: a. Prepare a statement of financial position as of December 31, 2021 b. Prepare a statement of cash flows for the period ended December 31, 2021