ABC Corporation is engaged in a manufacturing business of some leather goods. On December 31, 2021, it has the following financial information: Trade and other payable due within its normal operating cycle P 4,000,000 Notes payable due in one year with option to extend to another year 5,000,000 Amounts received from customers as advanced payments of goods 3,000,000 Total accrued expenses due in 12 months time after December 31, 2021 2,000,000 Estimated Premiums Payable 1,000,000 Contingent Liability 2,000,000 Constructive Liability on damages incurred by the company to third party due next year 3,000,000 Bonds Payable due in 5 years with breach of covenant without grace period 5,000,000 Required: How much is the current liability of ABC Corporation?

(10 Points)

a P 48 million

b.P 49 million

c.P 46 million

d.P 54 million

28.Same problem in No. 26, how much is the total noncurrent liabilities of ABC Corporation as of December 31, 2021?

(10 Points)

a P 10 million

b.P 7 million

c.P 5 million

d.P 12 million