The audit of ABC Company for the year ended December 31, 2020 was completed on March 1, 2021. The financial statements were signed by the managing director on March 15, 2021 and approved by the shareholders on March 31, 2021. The next events have occurred.

0n January 15, 21121, a customer owing P9003110 to Juvie Mae Faith led for bankruptcy. The nancial statements include an allowance for doubtful debts pertaining to this customer ofPlUU,U[} Specialized equipment costing P525, purchased on September 1, 2021] was destroyed by re on December 15, 2020. Juvie Mae Faith Company has booked a receivable of PdU,U[}U from the insurance company. Aer the insurance company completed its investigation on February 1, 2021, it was discovered that the re took place due to the negligence of the machine operator. As a result, the insurer's liability was zero on this claim. Juvie Mae Faith Company's issued capital comprised l, equity shares with P100 par value. The company issued additional 25,0111} shares on March 1, 221