Cash in bank, net of bank overdraft of P100,0001,200,000

Petty cash, including unreplenished petty cash expenses (P10,000)50,000

Notes receivable750,000

Notes receivable, net customers' accounts with credit balances of P200,0002,000,000

Inventory, excluding unrecorded purchase of P300,000 on account in transit

shipped FOB shipping point on December 31, 20192,500,000

Deferred charges150,000

Accounts payable, net of suppliers' accounts with debit balances of P400,0003,000,000

Note payable, with annual installment of P500,000 payable every December 312,000,000

Accrued expenses300,000

What amount should be reported as total current assets on December 31, 2019?

6,640,000

7,500,000

7,490,000

4,500,000

7,640,000