Socorro Company provided the following information on December 31, 2020:

Current assets3, 100,000Current liabilities1,000,000Other assets5,900,000Long term liabilities1,000,000Capital7,000,000Cash (including P200,000 invested in money market and restricted foreign deposit of P300, 000)1,000,000Land held for undetermined use

500,000Accounts payable

500,000Accounts receivable less allowance of P50,000

700,000Note payable, due December 31, 2021

100,000Inventories600,000Income tax payable

150,000Socorro Corporation share capital, at cost

300,000Share premium250,000Total current assets

3,100,000Total current liabilities

1,000,000Store supplies50,000Unearned leasehold income (five years starting 2021)

350,000Building less allowance of P500,000

3,000,000Stock dividend payable

150,000Equipment less allowance of P250,000

750,000Serial bonds payable (P100,000 maturing annually)

500,000Financial assets at amortized cost

1,000,000Total long-term liabilities

1,000,000Trademark300,000Advances to offifers-indefinite repayment

150,000Retained earnings

1,500,000Patent250,000Share capital, P100 par

5,000,000Land400,000Retained earnings appropriated for plant expansion

500,000Total other assets

5,900,000Total capital7,000,000Required: Prepare statement of financial position with supporting notes and computations.