80,000 30,000 Use the following information for the next two (2) questions: Comet Company as of December 31, 2017 provided the following balances. Cash, net of a P7,000 overdraft Receivable, net of customer credit balances totaling P6,000 Inventory (P20,000 of which are held on consignment) Prepayments Property, plant and equipment, net of accumulated depreciation of P15,000 Accounts payable net of debit balances in suppliers' accounts of P3,000 Notes payable - bank, due on July 2018 Income tax payable 60,000 10,000 90,000 45,000 25,000 15,000 Pageof7 32) Total current assets reported in the December 31, 2017 balance sheet is 33) Total current liabilities reported in the December 31, 2017 balance sheet is_ 34) The following information for 2022 is provided by Panunumpa Company Sales 20,000,000 Cost of goods sold 12,000,000 Selling expenses 1.200,000 General and administrative expenses 1,800,000 Interest expense 1,500,000 Gain on early extinguishment of long-term debt 500,000 Correction of inventory error, net of income tax - credit 800,000 Investment income -equity method 600,000 Gain on sale of investment 2,000,000 Income tax expense 2,100,000 Dividends declared 2,500,000 What was the 2022 income from continuing operations? 35) The following information was taken from the records of Kaka Distress Company: Accrued rent income - January 1 Accrued rent income - December 31 Unearned rent - January 1 Unearned rent - December 31 Rent Income under accrual basis 1,600,000 800,000 1,200,000 2,000,000 2,400,000 How much is the rent income under cash basis