The following accounts are taken from the records of Finesse Merchandising Company as of December 31, 2023. Cash on Hand Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Merchandise Inventory Prepaid Advertising Owner's Capital Accounts Payable Notes Payable Delivery Vehicle Fuel and Maintenance Expense Salaries Expense Office Equipment Sales Net Income for the Period Utilities Expense Bank Loan Payable Repairs and Maintenance Expense Accumulated Depreciation - Delivery Vehicle Purchases PHP 750,000 PHP 480,000 PHP 12,000 PHP 185,000 PHP 620,000 PHP 25,000 PHP 950,000 PHP 310,000 PHP 200,000 PHP 450,000 PHP 48,000 PHP 160,000 PHP 220,000 PHP 1,800,000 PHP 340,000 PHP 75,000 PHP 600,000 PHP 30,000 PHP 75,000 PHP 560,000 Sales Returns and Allowances Purchase Returns and Allowances Owner's Withdrawals Furniture and Fixtures Advertising Expense Inventory Loss Bad Debt Expense Sales Commission Expense Net Income (For the period is PHP 340,000) Required: 1. Determine the accounts that are necessary in the preparation of the Statement of Financial Position. 3. PHP 18,000 PHP 28,000 PHP 120,000 PHP 350,000 PHP 45,000 PHP 25,000 2. Classify each account into their respective element. (Current Assets, Noncurrent Assets, Current Liabilities, Noncurrent Liabilities, and Equity) Prepare the Statement of Financial Position using: Report Form Account Form a. PHP 15,000 PHP 40,000 b.