Reference no: EM132662981

Question - LAKERS Co. provided the following information on December 31, 2019:

Income tax expense 80,000

Cash and cash equivalents 200,000

Income tax payable 60,000

Accounts receivable 430,000

Deferred tax liability 140,000

Inventories 1,280,000

Retained earnings - 1/1/2019 1,800,000

FAFVTOCI 1,250,000

Dividends 500,000

Land 500,000

Revaluation surplus - 1/1/2019 180,000

Building 3,000,000

Unrealized gain on financial asset 140,000

A/D-building 800,000

Share capital 3,000,000

Plant and Equipment 1,200,000

Sales 5,000,000

A/D-plant and equipment 200,000

Realized gain on financial asset 2019 50,000

Patent 1,100,000

Revaluation surplus - land 2019 70,000

Notes payable - bank due 6/30/21 1,700,000

Cost of goods sold 3,000,000

Accounts payable 550,000

Distribution costs 980,000

Provisions 130,000

Administrative expenses 300,000

The entity issued shares at par value of P800,000 during the year.

Cash dividends of P300,000 were paid and share dividends of P200,000 were issued on 12/31/2019.

Requirements - Compute the balances of the following accounts for the period ended December 31, 2019:

1. Net income (loss)

2. Comprehensive income

3. Reserves

4. Retained earnings