The following is a post-closing trial balance for the Sepia Paint Corporation at December 31, 2021, the end of the companys fiscal year:

Account Title Debits Credits

Cash Php 80,000

Accounts receivable 200,000

Allowance for uncollectible accounts 20,000

Inventory 300,000

Prepaid expenses 30,000

Notes receivable (due in one month) 60,000

Investment in equity securities 50,000

Land 120,000

Buildings 550,000

Machinery 500,000

Accumulated depreciationbuildings 200,000

Accumulated depreciationmachinery 250,000

Patent (net of amortization) 50,000

Accounts payable 170,000

Salaries payable 40,000

Interest payable 10,000

Notes payable 100,000

Bonds payable (due in 10 years) 500,000

Common stock (no par) 400,000

Retained earnings 250,000

Totals P1,940,000 P1,940,000

The company intends to hold the $50,000 investment in equity securities of other corporations for at least three years. The $100,000 note payable is an installment loan. $10,000 of the principal, plus interest, is due on each July 1 for the next 10 years. At the end of the year, 100,000 shares of common stock were issued and outstanding. The company has 500,000 shares of common stock authorized.