Question 3 The following information pertains to Merciful Company as of December 31, 2019: Deposit in transit Cash balance per bank statement Checks outstanding (including certified check of P100,000) Bank service charge shown in December bank statement Error made by Merciful in recording a check that cleared the bank December (check was drawn in December for P12,500 but recorded at P125,000) 1,625,000 5,000,000 625,000 25,000 112,500 Required: Compute the cash balance per ledger on December 31, 2019