Subic Air, operates chartered flights which takes passengers at several islands to Subic, Laoag.Boracay, Palawan, Dadiangas, Bohol, Cebu, Davao, Baguio among others. Its main port is Subic, Zambales. Individuals must purchase their tickets at least one month in advance during the busy Holy week season. The company adjusts its accounts at the end of each month. Selected account balances appearing on the June $30$ adjusted trial balance as follows:DebitCredit$600,000$Prepaid rent$140,000$Unexpired insurance$4,620,000$Airplane$924,000$Accumulated depreciation: airpianeUnearned passenger revenue$825,000$Accrued Salary payable$16,000$Other informationSix months' rent had been prepaid on June $1\mathrm{.}2$The unexpired insurance is what remains of a $12-$month policy purchased on March $1\mathrm{.}3.$ The airplane is being depreciated over a $10-$year useful life with no residual value$\mathrm{.}4$The unearned passenger revenue represents tickets good for future rides sold to a resort hotel island in Palawan for P $15,000$ per ticket on June $1.$ During June, $145$ of the tickets were used$\mathrm{.}5.$ The company's policy is to pay its employees every Saturday since they observed a six days workweek. June $30$ fell on a Thursday.Instructionsa. Determine the following: $($Show computation for each item$)(21$ points$)1.$ The age of the airplane in months$\mathrm{.}2.$ The remaining life of airplane in years$\mathrm{.}3.$ The monthly rent expense$4.$ The original cost of the $12$ month fire insurance policy$5.$ The average daily pay of its employees$6.$ The amount of payroll per payday $($ every Saturday$)7.$ How many P $15,000$ tickets for future rides were sold to the resort hotel island on June $1$b$.$ Prepare the adjusting entries made on June $30$ involving the following accounts: $(5$ points$)1.$ Depreciation Expense: Airplane$2.$ Rent Expense$3.$ Insurance Expense$4.$ Passenger Revenue Earned$5.$ Salary Expense