PROBLEM 2 On December 31, 2008, the branch manager of Nancy Company in Iloilo City submitted the following data to the home office in Manila: Petty cash fund P6,000 Sales P390,000 Shipments from Home Office P270,000 A/R, 1/1/2008 P86,000 Inventory, 1/12008 P74,000 Inventory, 12/31/2008 P82,000 Expenses P96,000 All cash collected on accounts receivable amounting to P378,000 were remitted to the home office. What is the balance of the Home Office account on: January 1, 2008 January 1, 2009 a. 270,000 186,000 166,000 186,000 166,000 88,000 270,000 88.000