Reference no: EM132756627

Kim Company provided the following information on December 2019:

Cash in bank, net of bank overdraft P400,000 7,000,000

Accounts receivables 4,000,000

Prepaid expenses 800,000

Patents 1,500,000

Equipment 4,500,000

Available for sale securities- to be held indefinitely 3,000,000

Bond sinking fund 2,000,000

Accounts payable, net of supplier's account with 5,000,000

debit balance of P500,000

Bonds payable due May 27, 2021 3,500,000

Mortgage payable due April 8, 2022 2,000,000

Deferred Tax Liability 450,000

Problem 1: What total amount of noncurrent assets and noncurrent liabilities should be reported on December 31, 2019?

a. P 9,000,000; P 3,950,000

b. P 8,000,000; P 5,500,000

c. P 11,000,000; P 5,950,000

d. P 10,500,000; P 4,000,000