Problem #12 Preparing the Financial Statements The accounts for the balance sheet, statement of changes in equity, and income statement of Marriel Cullano, CPA, are as follows: Accounts Payable Accounts Receivable Accumulated Depreciation-Building P 63,500 198,000 110,000 Accumulated Depreciation-Office Equipment 120,000 Auditing Revenues 1,361,500 Building 750,000 Cash 118,500 Depreciation Expense-Building 55,000 Depreciation Expense-Office Equipment 60,000 Cullano, Capital, 1/1/2021 1,193,500 Cullano, Withdrawals 165,000 Land 75,000 Notes Receivable 60,000 Office Equipment 362,500 Office Supplies Expense 96,000 Office Supplies 28,000 Professional Development Expense 86,500 Rent Expense 52,500 Salaries Expense 735,000 Salaries Payable 30,500 Travel Expense 41,000 18,000 Utilities Expense During the year, Cullano invested additional P22,000 in the business. Required: Prepare the income statement, statement of changes in equity and balance sheet.