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1.) What net amount (book value) should appear in the statement of financial position as of September 30, 2021 for fixed assets?

2.) How much is the prepaid expenses on Dec. 31, 2020?

At December 31, 2020, the following existed in the in the records of Lauren Company: Fixed assets P8,600,000; Accumulated depreciation P3,970,000. During the year ended September 30, 2021, fixed assets with a written down value of P370,000 was sold for P490,000. The plant had originally cost P800,000. Fixed assets purchased during the year cost P1,800,000. It is the company's policy to charge a full year's depreciation in the year of acquisition of an asset and none in the year of sale, using a rate of 10% on the straight-line basis. What net amount (book value) should appear in the statement of financial position as of September 30, 2021 for fixed assets? These information was taken from the records of MAD CO: Jan. 1, 2020 Dec. 31, 2020 Payments made 670,000 Operating Expenses 690,000 Prepaid expenses 120,000 ??? Accrued expenses 230,000 190,000