A.B. Mahusay decided to put up an aircon cleaning & repair services on January 1, 2020. In order to do so, he invested P300,000 for the establishment of his business. For the month of January, A.B. Mahusay also incurred the following transactions: January 2 Paid P3,000 municipal permit/license to operate business. January 3 Bought the necessary equipment for his business. The total purchase price was P150,000. P50,000 was paid in cash and the balance on account. January 5 Hired 2 aircon technicians with monthly salary of P5,000 each. January 20 Received P30,000 cash from various customers for services rendered. January 25 Paid office space rental for the month, P6,000. January 28 Received P12,000 cash for services rendered. January 31 Paid P10,000 salary of the 2 technicians. January 31 Billed customer, Mr. S. K. Na P5,000 for services rendered but verbally promised to pay on February 5. REQUIRED: Determine the effect of each day's transaction to the accounting equation Use the table below as guide. ASSETS Cash Receivable Equipment |=|LIABILITIES+ Payable +Capital Revenues Expenses EQUITY Date

During 2021, Stork Associates paid $85,800 for a 20-seat skybox at Veterans Stadium for eight professional football games. Regular seats to these games range from $50 to $150 each. At one game, an employee of Stork entertained 18 clients. Stork furnished food and beverages for the event (provided by a local restaurant) at a cost of $1,800. The game was preceded by a bona fide business discussion, and all expenses are adequately substantiated. How much may Stork deduct for this event?$fill in the blank 1

Joy's House of Cheese (stocks Cougar Cheese) purchases a tract of land and an existing building for $940,000. The company plans to remove the old building and construct a new building on the site in a few months. In addition to the purchase price, Joy's pays closing costs, including title insurance of $2,400. The company also pays $12,800 in property taxes, which includes $8,400 of back taxes (unpaid taxes from previous years) paid by Joy's on behalf of the seller and $4,400 due for the current fiscal year after the purchase date. Shortly after closing, the company pays a contractor $47,000 to tear down the old building and remove it from the site. Joy is able to sell salvaged materials from the old building for $3,800 and pays an additional $10,400 to level the land to make it ready for use. Required: Determine the amount Joy's should record as the cost of the land. (Amounts to be deducted should be indicated by a minus sign.) Total cost of the land $