The following accounts and balances are available for Marie Sarmiento:

Accounts Payable

63,500

Accounts Receivable

198,000

Accumulated Depreciation-Building

110,000

Accumulated Depreciation - Office Equipment

120,000

Auditing Fees

1,361,500

Building

750,000

Cash

118,500

Depreciation Expense - Building

55,000

Depreciation Expense - Office Equipment

60,000

Sarmiento, Capital 1/1/20

1,193,500

Sarmiento, Withdrawals

165,000

Land

75,000

Notes Receivable

60,000

Office Equipment

362,500

Office Supplies Expense

96,000

Office Supplies

28,000

Professional Development Expense

86,500

Rent Expense

52,500

Salaries Expense

735,000

Salaries Payable

30,500

Travel Expense

41,000

Utilities Expense

18,000

During the year, Sarmiento invested P22,000 in the business.

Required:

financial statements of the sole proprietorship as of December 31, 2020:

1.Statement of comprehensive income/income statement

2.Statement of changes in equity

3.Statement of financial position/balance sheet