Reference no: EM132765995
Crash Landing On You Company reported the following liability account balances on December 31, 2020:
Accounts payable- P1,900,000
Bonds payable, due December 31, 2021- P3,400,000
Discount on bonds payable- P200,000
Deferred tax liability- P400,000
Dividends payable- P500,000
Income tax payable- P900,000
Note payable (long-term)- P600,000
Problem 1: The deferred tax liability is based in temporary differences that will reverse in 2021. On December 31, 2020, what total amount should be reported as current liabilities?
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