The ledger account balances of Joel Masigasig Enterprises for the year ended December 31, 2017 is shown below:

Accum. Depreciation- office building	P200,000	Notes Payable due in 3 years	400,000
Accum. Depreciation- office equipment	300,000	Office building	3,200,000
Accounts receivable	272,000	Office equipment	1,140,000
Accounts payable	148,000	Office supplies	84,000
Cash	144,000	Prepaid advertising	150,000
Freight in	144,000	Purchase discount	344,000
Insurance Expense	50,000	Purchase returns and allow.	266,000
Interest expense	416,000	Purchases	5,286,000
Masigasig, Capital	3,020,000	Salaries expense	1,724,000
Masigasig, Withdrawals	400,000	Sales discount	322,000
Land	800,000	Sales returns and allow.	374,000
Merchandise inventory	1,196,000	Sales	9,200,000
Mortgage Payable	2,200,000	Travel expense	376,000

Additional information: Office supplies consumed during the year amounted to P34,000 Advertising expense in the amount of 50,000 has expired. Salaries of P42,000 have accrued as at December 31, 2017. Depreciation on the office building and on office equipment amounted to 30,000 and 40,000 respectively. The December 31, 2015 ending inventory is P1,446,000

Required: Prepare the statements of financial performance, changes in equity and financial position of Masigasig Enterprises.