Problem 26. The following summarized data are provided from the Statement of Financial Position and Income Statement of Miami Heat Inc. STATEMENT OF FINANCIAL POSITION Current Asset Section Current Liability Section 12/31/2012 12/31/2013 12/31/2012 12/31/2013 Cash and CE P1,000,000 P2,000,000 Accounts Payable P2,000,000 P3,000,000 Trading Securities 300,000 200,000 Accrued Expenses 1,000,000 500,000 AR, net 500,000 300,000 Income tax payable 500,000 600,000 Inventory 1,500,000 2,500,000 Interest payable 300,000 100,000