The shareholders' equity of Sholokhov Co. as of January 1, 2019 shows the following accounts and balances: Cash Other current assets Property, plant and equipment Other noncurrent assets P100,000 300,000 800,000 400,000 Accounts payable Notes payable Ordinary share capital, P5 par Retained earnings P 500,000 900,000 800,000 (600,000) On this date, Sholokhov implemented quasi-reorganization to artificially write off its deficit. The following adjustments are to be made: a. The other current assets are to be written down to half of its carrying amount to reflect their recoverable amount. b. The fair value of Sholokhov's property, plant and equipment is P2,400,000. None of the items belonging to the account had a recoverable amount greater than its carrying amount. C. The other noncurrent assets are to be decreased by P100,000. d. The holder of the note agreed to decrease its claim by half in exchange for 90,000 shares. e. The resulting deficit is to be charged against the revaluation surplus. 11. Compute for the total assets after quasi-reorganization. 12. Compute for Sholokhov's total shareholders' equity after quasi-reorganization