Trace the effects (+ or -) on the accounting equation, then set up the Balance Sheet and Income Statement for Cobra Corporation as of Feb. 28, 1996. Currant Assets Cash Inventory Fixed Assets Equipment Less: Acc. Dep'n Total P200,000 P 60,000 P500,000 (50,000) P710,000 Cobra Corporation Balance Sheet As of Jan 31, 1996 Liabilities Accrued Wages Payable P90,000 Owner's Equities Capital Stock RE Total P200,000 P420,000 P710,000 The following transactions occurred in the life of Cobra Corporation in the month of February 1996: a. Merchandise worth Php 300,000 was purchased with an initial downpayment of Php 60,000. The rest is to be paid in 3 equal monthly installments b. Inventory worth Php 270,000 was sold at a marked-up price of 40%. 4/5 of these were paid in cash. c. Equipment depreciation for one year is estimated at P20,000. d. Salaries of employees worth P115,000 was paid in cash. This includes the wages earned over from last month. e. Utility bills amounting to P10,000 were paid in cash. f. The Cobra Corporation falls in the 30% bracket of taxable income. Taxes are paid on the month of April each year. Set up the Balance Sheet and Income Statement for Cobra Corporation as of Feb. 28, 1996.