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Problem 1: The following accounts as of December 31, 2020 are submitted to you for inspection and review: Cash 45,050 Accounts Receivable 112,500 Inventories 204,000 Prepaid Insurance 8,800 Property Plant and Equipment 376,800 Total Assets 747,150 Miscellaneous Liabilities Loan Payable Accounts Payable Ordinary Share Capital Share Premium Total Liabilities and Shareholders' Equity 3,600 76,200 75,250 134,000 458,100 747,150 Additional information: a. The possibility of uncollectible accounts on accounts receivable has not been considered. It is estimated that uncollectible accounts will total Php 4,800 b. Php 45,000 representing the cost of a large-scale newspaper advertising campaign completed in 2020 has been added to the inventories, because it is believed that this campaign has benefit sales of 2018. It is also found that inventories include merchandise of Php 16,250 received on December 31 that has not yet been recorded as a purchase. C. The books show that property, plant and equipment have a cost of Php 556,800 with depreciation of Php 180,000 recognized in prior years. However, these balances include fully depreciated equipment of Php 85,000 that has been scrapped and is no longer on hand. d. Miscellaneous liabilities of Php 3,600 represent salaries payable of Php 9,500, less non-current advances of Php 5,900 made to company officials. e. Loan Payable represents a loan from the bank that is payable in regular quarterly installment of Php 6,250 f. Tax liabilities not shown are Php 18,250 g. Deferred income tax liability arising from temporary differences totals Php 44,550. This liability was not included in the balance sheet. Required: 1. What is the correct amount of current liabilities