The merchandise inventory is stated at cost, determined on the first in first-out method. However, this includes slow, non moving and obsolescent items with an aggregate cost of approximately P400.000 and estimated net realizable value of P350,000 No allowance or provision for stock bsolescence was provided on these inventory toms. Write down is charged to cost of sales The land, building and store equipment are stated at cost. Depreciation is computed on the straight-line method based on the estimated useful lives of the set . As at Daly 31, 2021, the Company had authorized expenditures of approximately P700,000 for additions and improvements to its building The BIR has assessed the Company for additional income taxes areating PS4,000 for the fiscal years ended July 3, 2018 and 2019. Protest has been fied and the assessments are being contested by the Company's legal counsel who is of opinion that there is no adequate lege basis for the additionat sessments Accordingly, no provision was made for the amount assessed . Under the terms of the agreements covering the Company's abilities under trust receipts, certain merchandise have been released to the company in trust for the bank. The Companys accountable to the bank for the trusteed merchandise or its sales proceeds. Required: Compute for the corrected balances of the following accounts: (1) Petty Cash (2) Cash on hand and in bank (3) Financial asset at fair value through profit or loss (4 Trade receivables (5) Allowance for Deutsccounts Notes receivable m Accrued interest recevable (8) Merchandise vertory