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1. On January 1, 2020, Lime Company had the following data in connection with its defined benefit plan: 0 Fair value of plan assets- P5,000,000 0 Defined benefit obligation P5,800,000 The following information were gathered relating to the current year: 0 Current service costs- P800,000 0 Past service costs- P450,000 0 Discount rate 10% 0 Actual return on plan assets P420,000 - Expected return on plan assets- 8% 0 Benefits paid- P350,000 0 Contribution made- P850,000 How much is the balance of Plan Assets on December 31, 2020? A. P5,920,000 B. P5,880,000 C. P5,000,000 D. P5,940,000 2. On November 1,2020, Lemon Company leased a piece of furniture to Lime Corporation under a 9 month operating lease. Total rent for the term ofthe lease will be P36,000, payable as follows: 0 P5,000 per month for the first 3 months P15,000 o P4,500 per month for the next 3 months P13,500 o P2,500 per month for at least 3 months P7,500 Payments were made in advance on a monthly basis. Lime uses the calendar year. The monthly entries in the books of Lemon Company on February 1, March 1 and April 1, 2021 is A. None of the foregoing B. Dr. Cash- P2,500; Cr. Rent Revenue P2,000; Cr. Unearned Rent P500 C. Dr. Cash PS,OOO;Cr. Rent Revenue P4,000; Cr. Unearned Rent P1,000 D. Dr. Cash- P4,500; Cr. Rent Revenue P4,000; Cr. Unearned Rent P500 3. Citrus Company reported the following results for the year ended December 31, 2020, its first year of operations: 0 Income (per books before income taxes) P750,000 o Taxableincome-P1,200,000 The disparity between book income and taxable income is attributable to a temporary difference which will reverse in 2021. What should Citrus record as a net deferred tax asset or liability for the year ended December 31, 2020, assuming that the enacted tax rates in effect are 40% in 2020 and 35% in 2021? A. P157,500 deferred tax asset B. P157,500 deferred tax liability C. P180,000 deferred tax liability D. P180,000 deferred tax asset