BTS Co. was incorporated on January 1, 2021. The following were the transactions during the year: • Total consideration from share issuances amounted to ₱4,000,000. • A land and building were acquired...

BTS Co. was incorporated on January 1, 2021. The following were the transactions during the year:


• Total consideration from share issuances amounted to ₱4,000,000.


• A land and building were acquired through a lump sum payment of ₱800,000. A mortgage amounting to ₱200,000 was assumed on the land and building.



• Total payments of ₱160,000 were made during the year on the mortgage assumed on the land and building. The payments are inclusive of interest amounting to ₱20,000.



• Additional capital of ₱400,000 was obtained through bank loans. None of the bank loans were paid during the year. Half of the bank loans required a secondary mortgage on the land and building.



• There is no accrued interest as of year-end.



• Dividends declared during the year but remained unpaid amounted to ₱120,000.



• No other transactions during the year affected liabilities.


• Retained earnings as of December 31, 2021 is ₱240,000.



How much is the total assets as of December 31, 2021?




How much is the profit for the year?