13. AMNESTY PARDON Co. is currently preparing its combined financial statements. At December 31, 20x1, the home office shows a P624,000 balance in its "Investment in branch" account while the branch...

Extracted text: 13. AMNESTY PARDON Co. is currently preparing its combined financial statements. At December 31, 20x1, the home office shows a P624,000 balance in its "Investment in branch" account while the branch showed a P280,800 balance in its "Home office" account. The following information has been gathered: (a) The home office shipped merchandise worth P80,000 to the branch during December 20x1 which the latter has received and recorded only in January 20x2. (b) The home office collected P40,000 accounts receivable on behalf of the branch. The branch did not yet receive the credit memo sent by the home office. (c) The branch returned damaged merchandise worth P120,000 to the home office. The home office did not yet receive the debit memo sent by the branch. (d) A remittance of cash collections amounting to P160,000 was not yet recorded by the home office. (e) The home office allocated overhead cost of P20,000 to the branch which the latter has recorded twice. (f) Freight charge of P48,000 paid by the home office for shipments of merchandise to the branch was recorded by the latter as P4,800. REQUIREMENT: How much is the adjusted balance of the "home office" account?