The following is a list of balances on December 31, 2020 of Gary Del Mundo's business. He owns a building located in Metro Manila and derives income mainly from the lease of office spaces. His other income is obtained from the services of the xerox machines. Cash P 20,000 Required: Utilities Expense 60,000 Current Assets Office Supplies 30,000 Equipment 300,000 Non-current Assets Accounts Payable 10,000 Total Assets Del Mundo, capital 915,500 Notes Payable 40,000 Total Liabilities Del Mundo, Drawings 20,000 Total Proprietorship Copying Revenue 60,000 Salaries Expense 300,000 Total Revenue Prepaid Insurance 10,000 Total Expense Accumulated depreciation - Furniture and Fixtures 5,000 Insurance Expense 120,000 Net Income / (Net Loss) Taxes and Licenses Payable 5,000 Office Supplies Expense 40,000 Advertising Expense 60,000 Mortgage Payable 1,500,000 Building 2,000,000 Land 500,000 Lease Income 1,010,000 Taxes and License Expense Depreciation Expense 85,000 Furniture and Fixtures 50,000 Accumulated Depreciation-Building 50,000 Repairs and Maintenance 15,500 Accumulated Depreciation - Equipment 30,000 15,000