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Jay Company had the following activities during for 2020:
(1) Jorden invests P 5 M in Jay Company, expecting to earn profit on his investment as stockholder (2) Jay Company signs a letter of intent to purchase goods worth P 500,000 from Shift Corporation. The goods will be delivered in three months (3) Carissa Enterprise pays Jay Company P 300,000 in advance for goods to be delivered at the end of the first quarter of 2021. (4) Jay Company's lawyers estimate that it is probable that Jay Company will have to pay damages on account of a patent infringement suit although the amount cannot yet be ascertained. (5) Jay Company estimates a provision for product guaranty in the amount of P250,000 in case some customers will claim free repairs on damages on products that it sold during the year. (6) Unpaid salaries of Jay Company at the end of the year is P 75,000 (7) Cash dividends declared by Jay as of December 28, 2020 payable on February 28 2021 amounted to P 320,000
Problem 1: How much is the total liabilities that Jay should recognize in the financial statements of December 31, 2020?
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