55

The following trial balance of Caloocan Company on December 31, 2003 has been adjusted except for income tax expense.

Cash	2,000,000
Accounts receivable	4,500,000
Inventory	4,000,000
Property, plant and equipment	15,000,000
Accounts payable and accrued liabilities		3,000,000
Income tax payable		1,600,000
Deferred tax liability		400,000
Common stock		10,000,000
Additional paid in capital		3,000,000
Retained earnings 1/1		5,000,000
Nets sales and other revenues		30,000,000
Costs and expenses	25,000,000
Income tax expense	2,500,000
	53,000,000	53,000,000

During the year, estimated tax payments of P900,000 were charged to income tax expense. The current and future tax rate is 32% on all types of revenue. The total current liabilities on December 31, 2003 should be

Note for your final answer:

1. Do not use peso sign

2. Do not use comma

3. Do not use decimal point

4. Round off your final answer to the nearest whole number