Reference no: EM132816835

ABC Inc. provided the following balances on December 31, 2021:

Cash and cash equivalent 1,000,000

Trade and other receivable 950,000

Inventory 500,000

Financial assets at fair value through P&L 500,000

Financial assets at fair value through OCI Property, 800,000

Plant and Equipment 1,500,000

Further analysis of ABC Inc.'s accounts revealed the following:

a. Trade and other receivable included the following: Advances to an executive officer for P250,000 which is due on March 1, 2023. Customer credit balance of P50,000 which deducted in relation to goods returned in 2021. Equity over the assigned accounts of P120,000; the assigned accounts amounted to P200,000 while the related note balance was P80,000.

b. Property, plant and Equipment includes a plot of land in which ABC Inc. has committed to a plan to sell it and currently active in locating a buyer to complete the plan. The carrying value of the land included in the account was P675,000 while its fair value less cost to sell is P600,000.

Problem 1. What is the amount reported as current asset on December 31, 2021?

Problem 2. What is the amount reported as noncurrent asset on December 31, 2021?