Questions 37 through 39 are based on the following information.The condensed balance sheet as of December 31, 1982 of MASBATE INC. is given below. Figuresshown by a question mark (?) may be computed from the additional information given:ASSETS LIAB. & STOCKHOLDERS’ EQUITYCash P 60,000 Accounts payable P ?Trade receivable-net ? Current notes payable 40,000Inventory ? Long-term payable ?Fixed assets-net 252,000 Common stock 140,000Retained earnings ?Total Assets P 480,000 Total L & SHE P 480,000Additional information:Current ratio (as of Dec . 31, 1982) 1.9 to 1Ratio of total liabilities to total stockholders’ equity 1.4Inventory turnover based on sales and ending inventory 15 timesInventory turnover based on cost of goods sold and ending inventory 10 timesGross margin for 1982 P500,00037. The balance of accounts payable of MASBATE as of December 31, 1982 isA. P40,000 C. P95,000B. P80,000 D. P280,00038. The balance of retained earnings of MASBATE as of December 31, 1982 isA. P60,000 C. P200,000B. P140,000 D. P360,00039. The balance of inventory of MASBATE as of December 31, 1982 isA. P68,000 C. P168,000B. P100,000 D. P228,000