Reference no: EM133159848
Question - Charice Company provided the following information on December 31, 2019
Accounts payable for goods and services purchased on open account amounted to P500,000 and accrued expenses totaled P300,000 on December 31, 2019.
On December 15, 2019, the entity declared a cash dividend of P7 per share, payable on January 15, 2020, to shareholders of record on December 31, 2019.
The entity had 100,000 shares issued and outstanding throughout 2019.
On July 1, 2019, the entity issued P5,000,000, 8% bonds for P4,400,000 to yield 10 %. The bonds mature on June 30, 2024, and pay interest annually every June 30.
On December 31, 2019, the bonds were trading in the open market at 86 to yield 12%. The entity used the effective interest method to amortize bond discount.
The pre tax financial income was P8,500,000 and taxable income was P6,000,000.
The difference is due to P1,000,000 permanent difference and P1,500,000 of taxable temporary difference which is expected to reverse in 2020.
The entity is subject to income tax rate of 30% and made estimated income tax payments during the year of P1,000,000.
Required - What total amount should be reported as current liabilities on December 31, 2019?
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