accounting 3

ABC Company provided the following events that occurred after December 31, 2019: P2,000,000 of accounts receivable 1/15/2020 was written off due to the bankruptcy of a major customer A shipping vessel of the entity with 2/14/2020 carrying amount o P5,000,000 was completely lost at sea because of a hurricane. A court case involving the entity as the defendant was settled and the entity was obligated to pay the 3/11/2020 plaintiff P2,500,000. The entity previously has not recognized a liability for the suit because management deemed it possible that the entity would lose the case Specialized equipment costing P525,000 purchased on September 1, 2019 was destroyed by fire on December 15, 2019. ABC company has booked a receivable of P300,000 from the insurance entity. 2/01/2020 After the insurance entity completed an investigation of February 1, 2020., it was discovered that the fire took place due to negligence of the machine operator. As a result, the insurer's liability was zero on this claim. The management completed the draft of the financial statements for 2019 on February 10, 2020. On March 20,2020, the board of directors authorized the financial statements for issue. The entity announced the profit and other selected information on March 22, 2020. The financial statements were approved by shareholders on April 2, 2020 and filed with the SEC the very next day. What total amount should be reported as adjusting events on December 31, 2020