The financial statements of Earhart Co. as of January 1, 2021, shows the following accounts and balances: Cash Trade and other receivables Inventories Prepayments Property, plant and equipment Total assets P100,000 400,000 300,000 150,000 3,250,000 4,200,000 Trade and other payables Bonds payable Ordinary share capital, P20 par Share premium - ordinary Retained earnings Total liabilities and shareholders' equity 500,000 3,000,000 5,000,000 1,000,000 (5,300,000) 4,200,000 With the permission of the shareholders, a quasi-reorganization was implemented. The following adjustments were to be made: a. Accounts receivable having a total face value and net realizable value of P300,000 and P220,000, respectively, was estimated to have a net realizable of P200,000. b. The total net realizable value of the inventories was ascertained to be P100,000. C. Office supplies (part of prepayments) amounting to P30,000, were written off. d. Land, which has a cost of P400,000, was revalued to its fair value of P1,000,000. The rest of the items of property, plant and equipment do not need to be revalued, as their carrying amounts approximate their fair value. e. The par value per share will be decreased from P20 to P2. f. The resulting deficit shall first be charged against the revaluation surplus from the land, and any remaining amount shall be charged against share premium. Prepare the statement of financial position of Earhart after quasi-reorganization