Using the data in the transactions below: 1. Compute and determine the initial cost of PPE. 2. Using the UACS Code prepare the accounting entries to record the transactions. 3. Prepare Purchase Order (PO) to procure Office Equipment and Information and Communication Technology (ICT) Equipment from JD Enterprise and Procurement Services. 4. Record the receipt of PPE in the following prescribe forms: a. Inspection and Acceptance Report (IAR) b. Property Card (PC) c. PPE Ledger Card (PPELC) 5. Prepare Property Acknowledgement Receipt (PAR for the issuance of PPE to the end-user. 6. Post the construction costs in the Construction in Progress Ledger Card (CIPLC) Transactions: 1. March 31 - Purchased land to ZJ Corporation amounting P1,000,000.00 2. April 15 - Paid ZJ Corporation amounting to P950,000.00 net of withholding tax of P50,000. 3. April 30 - Paid mobilization fee to Valerie Corporation amounting to P675,000.00 to construct a building with a contract price of P4,500,000.00. 4. June 10 - Francisco Cruz the Property Custodian prepare IAR No. 0001-07-15 for the receipt of the following Office Equipment from Procurement Services under Invoice No. 04321 dated June 8, 2015: Qty. Unit Stock No. Description Amount 1 pc 001 Vault 25,000 pc 002 Air-conditioning Unit (3 HP Koppel) 35,000 pc 003 Floor Polisher (Heavy duty) 30,000 2 pc 004 Copying Machine (Konica Minolta-buzhub 600) 100,000 Total 190.000 1 2 5. June 11 - The Property Custodian prepare IAR No. 0002-07-15 for the receipt of the following ICT Equipment from JD Enterprise under Invoice No. 01234 dated June 9, 2015: Qty. Unit Stock No. 1 pc 321 4 213 Description Computer Server Computer Desktop (Acer) at P50,000 each Amount 150,000 200.000 Total 350,000 set 6. June 25 - Paid JD Enterprise amounting to P331,250.00 net of withholding tax of P18,750.00 for the ICT Equipment. 7. June 25 - Paid Procurement Services amounting to P179,821.43 net of withholding tax of P10,178.57 for the Office Equipment. 8. June 30 - Received the 1sprogress billing from Valerie Corporation amounting to P1,500,000.00 for the construction of the office building. 9. July 2 - Francisco Cruz prepared PAR to the following employees for the issuance of PPE: Name of Employee Position Office Name of PPE Mhay Santos Secretary GAAS Computer Server Jenifer David Secretary Mans Computer Desktop Bryan Mercado Assist. Director Mans Computer Desktop Anna B. Cruz Director GAAS Vault Sabrina Hernandez Secretary STO Air Conditioning Unit Sheryl Cua Admin Officer IV Pols Floor Polisher Jenifer David Secretary Mans Copying Machine Amount PAR No. Property No. 150,000 0001-07-15 ICTE-001 50,000 0002-07-15 ICTE-002 50,000 0003-07-15 ICTE-003 25,000 0004-07-15 OE-001 35,000 0005-07-15 OE-002 30,000 0006-07-15 OE-003 50,000 0007-07-15 OE-004 10. July 10 - Paid Valerie Corporation for the 1st bill amounting to P1,031,250.00. Deducted are the following: Withholding tax: 93,750 VAT (5%) - 66,964.29 EWT (2%) -26,785.71 Mobilization Fee (675,000/3) 225,000 Retention Fee (1,500,000 x 10%) 150,000 11. August 31 - Received the 2nd progress billing from Valerie Corporation amounting to P1,500,000.00 for the construction of the office building. 12. September 10 - Paid Valerie Corporation for the 2nd bill amounting to P1,031,250.00. Deducted are the following: Withholding tax: 93,750 VAT (5%) 66,964.29 PPE EWT (2%) -26,785.71 Mobilization Fee (675,000/3) Retention Fee (1,500,000 x 10%) 225,000 150,000 13. November 30 - Received the final billing and Project Completion from Valerie Corporation for the construction of the office building amounting to P1,500,000.00 14. December 10 - Paid Valerie Corporation for the final bill amounting to P1,031,250.00. Deducted are the following: Withholding tax: 93,750 VAT (5%) 66,964.29 EWT (2%)-26,785.71 Mobilization Fee (675,000/3) 225,000 Retention Fee (1,500,000 x 10%) 150,000 15. The following are the estimated useful life of the PPE: Name of PPE Computer Server Computer Desktop Vault Estimated Useful Life - No of years 6 5 10 5 5 5 30 Air Conditioning Unit Floor Polisher Copying Machine Building