Tort Paragraph Styles Lynn Haulers is in the cargo business. The entity is serving the cargo forwarding requirements of business within the Leyte Island. At the end of accounting year, Dec 31, 2019, the following data must be considered to affect the adjusting entries: a. On July 1, 2019, an eighteen-months insurance coverage on trucks was paid and debited to prepaid insurance. Premiums amounted to P 18,000 and coverage began immediately. b. During 2019, office supplies amounting to P16,000 were purchased for cash and debited to office supplies. At the end of 2018, the inventory count of supplies on hand was P4,000. Inventory of supplies as at Dec 31, 2019 showed P6,000. C. On Dec. 31, 2019, Arlene Motors completed repairs on one of the trucks at a cost of P8,000; the amount is not yet recorded and by agreement will be paid during Jan. 2020 d. In Dec. 2019, a real property tax assessment for P 32,000 on land owned during 2019 was received from the city. The taxes, which are unpaid and unrecorded, are already due but the company intends to pay them on Feb. 15, 2020. On December 31, 2019, Lynn completed a bulk-hauling contract. The bill was for P80,000 payable within 30 days. No cash has been collected, and no journal entry has been made for this transaction f. On July 1, 2019, the company purchase a new hauling van at a cash price of P236,000. The estimated useful life of the van was 10 years, with an estimated residual value of P36,000. No depreciation has been recorded for 2019 (compute depreciation for six months in 2019). e