Reference no: EM132800273

Problem - Chronicles Company's trial balance re?ected the following account balances on December 31, 2018:

Cash, net of bank overdraft of P300,000 and unreleased check of P100,000 and including customer's post dated check of P50,000 and sinking funds amounting to P280,000 P1,000,000

Accounts payable, net of debit balance in suppliers accounts amounting to P25,000 1,000,000

Bonds payable 3,400,000

Premium on bonds payable 200,000

Deferred tax liability 400,000

Property bonds payable 400,000

Income tax payable 300,000

Note payable, due January 1, 2019 500,000

Contingent liability 150,000

Share dividends payable 320,000

Cash dividends payable 80,000

Financial liabilities at fair value through profit or loss 130,000

Reserve for contingencies 430,000

Estimated expenses of meeting warranties 335,000

Estimated damages as a remit of unsatisfactory performance on a contract 268,000

Mortgage payable 1,000,000

Loans payable (payable in five equal annual installment) 500,000

Ezra Company's trial balance reflected the following account balances on December 31, 2018:

Ordinary share capital P 10,000,000

Share premium 1,000,000

Subscribed ordinary share 100,000

Subscription receivable 120,000

Treasury shares, at cost 2,000,000

Unrealized gain on fair value through other comprehensive income securities 1,000,000

Retained earnings unappropriated 6,000,000

Reserve for contingencies 3,000,000

Revaluation surplus 4,000,000

Cumulative translation adjustment - debit 1,500,000

Required -

1. How much is the total current liabilities for the year ended December 31, 2018 should Chronicles Company report?

2. How much is the total noncurrent liabilities for the year ended December 31, 2018 should Chronicles Company report?

3. How much is the total shareholder's equity should Ezra Company report for the year ended December 31, 2018?