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What is the net monetary liability as restated

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Question - Kite Company's financial position, shown below did not change during 2019. The general price index was 125 on January 5 and 140 on December 31, 2019. The balance sheet on January 1 and December 31, 2019 are:

Cash P250,000

Accounts receivable 500,000

Trading securities 400,000

Inventory 2,500,000

Land 1,350,000

P5,000,000

Accounts payable P1,500,000

Mortgage payable 500,000

Common stock 2,500,000

Retained earnings 500,000

P5,000,000

Required - Under a hyperinflationary economy, what is the net monetary liability as restated?

Reference no: EM133166232

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