Beautiful Company reported utilities expense amounting to P117,000 in its statement of comprehensive income ended December 31, 2021. The statement of financial position as of December 31, 2020 reported accrued utilities expense of P9,000. Total payments for utilities during 2021 were P108,000 which were fully charged to utilities expense. The company appropriately prepared a reversing entry on January 1, 2021. How much is the Utilities Payable at December 31, 2021?

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