T COMPANY as at December 1, 2018 are listed below: Cash214,000Accounts receivable338,000Marketable securities426,000Office supplies31,000Prepaid insurance48,000Land370,000Building900,000Accum. depreciation bldg250,000Equipment800,000Accum. depreciation equip.200,000Accounts payable172,000Mortgage payable1,200,000NOQUIT Capital_______1,305,0003,127,0003,127,000The following transactions occurred during the month of December 2018:Dec. 1Settled the accounts payable of P115,000 less 2% discount.3Collected the accounts receivable of P180,000 less 3% discount.4Sold merchandise on account to PAPACOY SUPPLIES, P210,000. Terms: FOBdestination, 3/10, n/30. PAPACOY SUPPLIES paid the freight for P3,000.5Received returns from PAPACOY SUPPLIES, P25,000.7Purchased merchandise from OSTIQUE PRODUCTS, P232,000. Terms: FOBshipping point, 2/10, n/30. NOQ