Laban Co. requires an Audited FS. After making normal adjusting entries, but before closing the accounting records for the year ended December 31, 2016. Laban's controller prepared the following FS Y2016. Laban Co. Statement of Financial Position December 31, 2016 Assets Cash Marketable Securities Accounts Receivable Allowance for Doubtful Accounts Inventories Property and Equipment Accumulated Depreciation Total Assets Liabilities and Stockholders' Equity Laban Co. Statement of Comprehensive Income December 31, 2016 Net Sales Php 1,700,000 Php 1,225,000 Operating Expenses: 125,000 Cost of Sales 570,000 460,000 (55,000) Selling & Admin Depreciation 448,000 42,000 530,000 Total Operating Exp. 1,060,000 620,000 Income Before Income Tax 640,000 (280,000) Income Tax Expense 192,000 Php 2.625,000 Net Income Php 448,000 Accounts Payable and accrued liabilities Php 1,685,000 Income Tax Payable Ordinary Shares, Php 20 par 110,000 300,000 Additional paid-in capital 75,000 Retained Earnings 455,000 Total Liabilities and Stockholders' Equity Php 2,625,000 Laban Co. tax rate for all income items was 30% for all affected years, and it made estimated tax payments when due. Laban has been profitable in the past and expects results in the future to be similar to 2016. During the course of the audit, the following additional information (not considered when the above statements were prepared) was obtained: 1. The investment portfolio consists of short-term investments, classified as available-for-sale, for which total market value equalled cost at December 31, 2015. On February 2, 2016, Laban sold one investment with a carrying value of Php 100,000 for 130,000. The total of the sale proceeds were credited to the investment account. 2. At December 31, 2016, the market value of the remaining securities in the portfolio was Php 142,000. 3. The Php 530,000 inventory total, which was based on a physical count at December 31, 2016, was priced at cost. Subsequently, it was determined that the inventory cost was overstated by Php 66,000. At December 31, 2016 the inventory's market value approximated the adjusted cost. 4. Pollution control devices costing Php 48,000, which is high in relation to the cost of the original equipment, where installed on December 29, 2015, and were charged to repairs in 2015. 5. The original equipment referred to in item 4, which had a remaining useful life of six years on December 29, 2015, is being depreciated by the straight-line method for both financial and tax reporting. 6. A lawsuit was filed against Laban in October 2016 claiming damages of Php 250,000. Laban's legal counsel believes that an unfavourable outcome is probable, and a reasonable estimate of the court's award to the plaintiff is Php 60,000, which will be paid in 2017 in the case is settled. 7. Laban determined that its accumulated benefits oligation under the pension plan exceeded the fair value of plan assets by Php 40,000 at December 31, 2016. Laban funds the total pension expense each year. Questions: How much are the... Deferred tax asset? 1. 2. Cost of Sales? 3. Retained Earnings? 4. 5. 6. Inventories? Net Income after taxes for 2016? Estimated loss from lawsuit? 7. Adjustment on Cost of Sales and inventories? 8. Realized Gain on Marketable Equity Securities? 9. Unrealized loss on Equity? 10. Adjustment on Depreciation