53. Foresight Company reported the following notes payable on December 31, 2020: Note payable - Meek Company P5,600,000 Note payable - Mr. Yee 2,000,000 Additional information: a.) On April 1, 2020, Foresight purchased a parcel of land for P8,000,000 under an installment contract. Foresight made a P2,400,000 cash downpayment and signed a 4- year 10% note for the balance. The equal annual payments of principal and interest on the note totaled P1,760,000, payable on April 1 of each year starting from 2021. b.) On October 1, 2020, Foresight issued for P1,774,000 a P2,000,000 face amount note to Mr. Yee, a wealthy shareholder. The note will mature on October 1, 2021. No explicit interest rate is stated and the entire face amount of the note is payable at maturity date. Compute the total current liabilities. 54. Patriotism Company was organized at the beginning of the year. The entity provided the following transactions affecting shareholders' equity: a.) Authorized to issue 100,000 ordinary shares with par value of P100. b.) Issued 25,000 ordinary shares for cash at par value. c.) Land with fair value of P800,000 and a building thereon fairly valued at P2,500,000 were acquired for 30,000 shares. d.) Issued 1,000 shares to the legal counsel in payment for his P120,000 bill for organization services. What is the amount of the legal capital? 55. Meekness Company began operations on January 1, 2019. Authorized were 100,000 ordinary shares of P100 par value and 50,000 convertible preference shares 10% P100 par value. On January 1, 2020, Meekness exchanged 12,000 ordinary shares and 20,000 preference shares for a building with a fair value of P7,000,000. The building was originally purchased for P6,500,000 by the owner and has a carrying amount of P4,800,000. In Addition, 10,000 ordinary shares were sold for P3,000,000 cash on the same date. How much is the credit entry to Share Premium-Preference as a result of the above transactions. 53. Foresight Company reported the following notes payable on December 31, 2020: Note payable - Meek Company P5,600,000 Note payable - Mr. Yee 2,000,000 Additional information: a.) On April 1, 2020, Foresight purchased a parcel of land for P8,000,000 under an installment contract. Foresight made a P2,400,000 cash downpayment and signed a 4- year 10% note for the balance. The equal annual payments of principal and interest on the note totaled P1,760,000, payable on April 1 of each year starting from 2021. b.) On October 1, 2020, Foresight issued for P1,774,000 a P2,000,000 face amount note to Mr. Yee, a wealthy shareholder. The note will mature on October 1, 2021. No explicit interest rate is stated and the entire face amount of the note is payable at maturity date. Compute the total current liabilities. 54. Patriotism Company was organized at the beginning of the year. The entity provided the following transactions affecting shareholders' equity: a.) Authorized to issue 100,000 ordinary shares with par value of P100. b.) Issued 25,000 ordinary shares for cash at par value. c.) Land with fair value of P800,000 and a building thereon fairly valued at P2,500,000 were acquired for 30,000 shares. d.) Issued 1,000 shares to the legal counsel in payment for his P120,000 bill for organization services. What is the amount of the legal capital? 55. Meekness Company began operations on January 1, 2019. Authorized were 100,000 ordinary shares of P100 par value and 50,000 convertible preference shares 10% P100 par value. On January 1, 2020, Meekness exchanged 12,000 ordinary shares and 20,000 preference shares for a building with a fair value of P7,000,000. The building was originally purchased for P6,500,000 by the owner and has a carrying amount of P4,800,000. In Addition, 10,000 ordinary shares were sold for P3,000,000 cash on the same date. How much is the credit entry to Share Premium-Preference as a result of the above transactions