Question: 10. Entity A started operations on November 1, 20x1. The following were the transactions during the month: Nov. 1, 20x1 The business owner provides P2,000,000

10. Entity A started operations on November 1, 20x1. The following were the transactions during the month: Nov. 1, 20x1 The business owner provides P2,000,000 cash as investment to the business. Nov. 5, 20x1 Entity A obtains a P500,000 loan and issues a promissory note. Nov. 8, 20x1 Entity A acquires land costing P1,000,000 on cash basis. Nov. 16, 20x1 Entity A renders services worth P1,200,000 on account. Nov. 30, 20x1 Entity A pays salaries expense of P280,000. How much is the equity at the end of the period after taking into account income and expenses? (1 Point) O 2,920,000 2,980,000 3,120,000 3,280,000

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