The audit of goodness company for the year ended was

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33. The audit of Goodness Company for the year ended December 31, 2015 was completed on March 1, 2016. The financial statements were signed by the managing director on March 15, 2016 and approved by the shareholders on March 31, 2016. The next events have occurred. * On January 15, 2016, a customer owing P900,000 to Goodness filed for bankruptcy. The financial statements include an allowance for doubtful debts pertaining to this customer of P100,000 * Specialized equipment costing P525,000 purchased on September 1, 2015 was destroyed by fire on December 15, 2015. Goodness Company has booked a receivable of P400,000 from the insurance company. After the insurance company completed its investigation on February 1, 2016, it was discovered that the fire took place due to the negligence of the machine operator. As a result, the insurer’s liability was zero on this claim. * Goodness Company’s issued capital comprised 100,000 equity shares with P100 par value. The company issued additional 25,000 shares on March 1, 2016. What amount should Goodness Company should report as net amount of “adjusting events” on December 31, 2015?
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