MOWGLI Company provided the following information for the year ended December 31, 2021. 125,000 425,000 60,000 35,000 Contribution Delivery expense Depreciation - delivery truck Depreciation - office Depreciation - store equipment Dividends paid Dividends revenue 25,000 450,000 50,000 30,000 280,000 145,000 10,000 20,000 Doubtful accounts Income tax Freight in Gain on sale of equipment Interest revenue Loss on sale of trading securities Loss from inventory write down Merchandise inventory, January 1 50,000 150,000 1,100,000 950,000 45,000 4,600,000 550,000 8,750,000 150,000 600,000 Office salaries Purchase discounts Purchases Retained earnings, January 1 Sales Sales returns and allowances Sales salaries Store supplies. 150,000 Inventory at year-end was valued at P850,000 (P1,000,000 cost less the P150,000 write down of inventory to net realizable value). MOWGLI Company mad a prior period error by understating depreciation in 2020 by P200,000.

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