Entity B started operations on December 1, 20X1

Entity B started operations on December 1, 20X1. The following were the transactions during the month: 1. The owner invested P320,000 cash to the business. 2. Obtained a 12%, one-year, bank loan for P200,000 on December 1, 20x1. Principal and interest are due at maturity date. 3. Acquired equipment for P240,000 cash on December 1, 20x1. 4. Paid six months' rent in advance of P108,000 covering the months of December 20x1 to May 20x2. (Use the 'asset method'.) 5. Rendered services worth P260,000 for cash during the period. 6. Paid billings for utilities used amounting to P15,000. 7. The owner withdrew a total of P50,000 cash from the business during the period. Additional information: • Unpaid salaries amounted to P8,000. The equipment has a useful life of 4 years. Requirement: Prepare the worksheet on December 31, 20x1.