The requirements can be seen at the bottom of the picture.

HOME OFFICE AND BRANCH ACCOUNTING The following are the transactions of the home office and its Makati branch during April: a. Purchases made by the home office P120,000 of which P50,000 were shipped to Makati while cash transfers to branch amounted to P25,000. b. Freight charges paid by home office for shipments to branch P1,200 c. Account sales made by the home office and the branch are P100,000 and P60,000 respectively. Collections was 80% of the sales. d. Expenses paid by the home office are: salaries P22,000, advertising P10,000 and utilities P5,000. Expenses paid by the branch are: salaries P3,000, Utilities P1,500 and supplies P2,000 e. Furniture bought for cash by home office for the branch P15,000. Home office records all properties and charges 10% depreciation. Properties for home office use amounted to P235,000. f. Home office charged 50% of the advertising to the branch. g. Cash transfers to home office P18,000 REQUIRED: a) Prepare journal entries to be recorded in the Home Office and Branch Books b) Additional information: a. Inventory beginning: home office, P24,000 and branch, P18,500 b. Inventory ending: home office, P38,000 and branch, P20,000 plus allocated freight. Prepare statement of comprehensive income/income statement using the headings below: Description Home Office Branch Consolidated Sales PXXXX PXXXXX PXXXXX . . . . .. c) Assume it is the end of the accounting period, prepare closing entries for Home Office and Branch Books