The following transactions and events relate to Parex Co. for the current accounting period. Sold merchandise costing P450,000 for P100,000 cash and P700,000 on open account. A perpetual inventory is used. . Purchased land for P1,000,000 cash and a P3,200,000 mortgage. Received payment on account, P120,000. Estimated utilities expense for the coming six months will total P80,000. Owner withdrawal amounted to P100,000. . . The foregoing transactions and events increased Total equity by P700,000 O Total assets by P3,450,000 Total liabilities by P3,000,000 Net assets by P350,000