You are assigned to review the financial statements of Christenson Corporation for the period ended December 31, 2019. In line with your review, the following information were made available: A. A collection for rental amounting to P45,000 of one of its idle properties covering the period July 1, 2018 to June 30, 2019 was received and recorded as rent income on July 1, 2018. B. The following were consistently omitted at each year end: Salaries payable Unused office supplies Accrued royalty income Sales price Cost of goods C. The following deliveries were made to customers at each year-end but were recorded as sales only upon cash collection the following year. All sales were made FOB Shipping Point and the related inventories were included in the physical count conducted every December 31: 2017 P5,500 5,400 4,000 P28,000 15,400 2017 01/03/2019 Date 01/01/2017 Balance 01/03/2017 Excess over par for ordinary shares issued 12/31/2017 Net loss for the year 01/05/2018 12/31/2018 Net income for the year Particulars. D. A major repair cost improving the operating efficiency of an equipment was incurred at the beginning of 2017. The cost amounting to P55,000 was recognized as an outright repairs and maintenance expense. The equipment was acquired on January 2013 with a total useful life of 15 years. 2018 P3,600 9,000 7,900 E. Dividend amounting to P120,000 was declared on December 20, 2019 to stockholders as of the same date and were recorded upon payment the following year January 20, 2020 FMV of land donated by a majority stockholder 12/30/2019 Loss on sale of an equipment 12/31/2019 Net income for the year 12/31/2019 Balance F. The general ledger of the company's retained earnings account contained the following information Cash dividend payment, declared in 12/20/2018 2018 P30,000 17,400 Based on the information above, answer the following: 1. What is the adjusted net loss for 2017? 2. What is the adjusted net income for 2018? 3. What is the adjusted net income for 2019? Debit 2019 P9,900 6,100 5,400 177,400 90,000 2019 22,500 P22,000 13,200 4. What is the correct retained earnings ending balance in 2019? 5. What is the effect of the errors to the 2019 working capital? Credit 625,400 120,000 480,000 214.300 421,700 1,571,500