ACTIVITY 1. ABC Inc. provided the following balances on December 31, 2021: Cash and cash equivalent Trade and other receivable Inventory Financial assets at fair value through P&L Financial assets at fair value through OCI Property, Plant and Equipment Further analysis of ABC Inc.'s accounts revealed the following: a. Trade and other receivable included the following: 1,000,000 950,000 500,000 500,000 800,000 1,500,000 - Advances to an executive officer for P250,000 which is due on March 1, 2023. - Customer credit balance of P60,000 which deducted in relation to goods returned in 2021. Equity over the assigned accounts of P120,000; the assigned accounts amounted to P200,000 while the related note balance was P80,000. b. Property, Plant and Equipment includes a plot of land in which ABC Inc. has committed to a plan to sell it and currently active in locating a buyer to complete the plan. The carrying value of the land included in the account was P675,000 while its fair value less cost to sell is P600,000. 1. What is the amount reported as current asset on December 31, 2021? 2. What is the amount reported as noncurrent asset on December 31, 2021? ACTIVITY 2. DEF Company provided the following balances on December 31, 2021: Cash and cash equivalents Inventory Prepayments Investment in associate Deferred tax asset Intangible assets 1,200,000 650,000 120,000 440,000 200,000 380,000 Further analysis of DEF Company's accounts revealed the following: a. Cash account includes a sinking fund of P300,000, as well as P90,000 being held to pay VAT. The balance was net of an overdraft amounting to P200,000 in its BPI account. DEF does not have any other account in BPI. b. Prepayments included a P50,000 security deposit which will expire by December 31, 2023. c. The deferred tax asset was due to a future deductible amount of which 40% will reverse in 2022 and the remaining portion evenly from 2023 to 2025. 1. What is the amount reported as current assets on December 31, 2021? 2. What is the amount reported as noncurrent asset on December 31, 2021