8) ABC Company revealed the following information on December 31, 2019:

Cash 3,700,000

Accounts receivable 1,500,000

Allowance for doubtful accounts (200,000)

Inventory 2,000,000

Prepaid insurance 300,000

Total current assets 7,400,000

Analysis of cash:

Cash in bank 1,300,000

Bank overdraft in another bank (300,000)

Cash set aside for plant addition 2,000,000

Petty cash fund 10,000

Cash withheld from wages 190,000

General cash 500,000

Total cash 3,700,000

The accounts receivable included a past due account in the amount of P100,000. The account is deemed uncollectible and should be written off. The inventory included goods held on consignment amounting to P150,000 and goods of P200,000 purchased and received on December 31, 2019. Neither of these items have been recorded as a purchase. The prepaid insurance included a cash surrender value insurance of P50,000.

1. What is the adjusted cash balance?
2. What is the adjusted inventory?
3. What is the adjusted net realizable value of accounts receivable?
4. What total amount should be reported as current assets on December 31, 2019?