The following data represents the summarized transactions of XYZ Trading for the year 20CY, its second year of operations. Cash sales P 750,000 Sales on accounts 4,500,000 Purchase return & discounts Salaries and wages paid P 60,000 1,050,000 Collections from customers 4,300,000 Store and office supplies paid 300,000 Sales returns & discounts 80,000 Other operating expenses paid 100,000 Cash purchases 450,000 Interest received 60,000 Purchases on account 3,000,000 Equipment purchased 600,000 Payment to creditors 2,700,000 Interest paid 50,000 Rental collections 140,000 Accounts receivable written off 10,000 Equipment was acquired at the beginning of its first year with a 10-year useful life. Additional Information at December 31, 20CY: Notes & A/c receivable, 12/31/CY Notes &A/c payable, 12/31/CY Notes & A/c receivable, 12/31/PY Notes & A/c payable, 13/31/PY Accrued salaries payable Accrued Interest payable Unused Store & office supplies Inventory, 12/31/CY Accrued Interest receivable Inventory, 12/13/PY Unearned rent income REQUIRED: P 320,000 P 540,000 210,000 300,000 110,000 10,000 75,000 600,000 15,000 500,000 20,000 3. Convert the Cash basis Income statement to Accrual basis of accounting.