On January 1, 2022, Entity A and Entity B signed an agreement to form a joint arrangement to manufacture campaign shirts for the coming election. They initially invested P250,000 cash each. The following transactions happened in 2022 in relation to the joint arrangement:

> Purchased machinery and equipment costing P150,000 (P80,000 paid in cash, the balance on account). It has an estimated useful life of 3 years with no residual value.

> Purchased raw materials amounting to P110,000 (including P15,000 indirect materials) on account. All were issued to production.

> Incurred and paid labor amounting to P120,960 (including P10,000 indirect labor).

> Incurred and paid other factory overhead – P25,000.

> Paid suppliers – P100,000.

> Finished all the jobs and sold to customers at 20% mark up.

> Collected all the accounts from customers.

Questions

1. How much is the cash balance of the joint arrangement as of December 31, 2022?

2. How much the share of Entity B in the net income (loss) of the joint arrangement?

3. How much is the share of Entity A in the revenue?