DM Corporation provided the following trial balance on December 31, 2X20 which had been adjusted, except for income tax expense:

Cash

675,000

Accounts receivable (net)

2,695,000

Inventory

2,185,000

Property, plant, and equipment (net)

10,245,000

Accounts payable and accrued liabilities

1,800,000

Income tax payable

1,500,000

Deferred tax liability

750,000

Share capital

2,500,000

Share premium

3,000,000

Retained earnings, January 1

3,350,000

Net sales and other revenue

15,000,000

Cost and expenses

10,000,000

Income tax expense

2,100,000

27,900,000

27,900,000

The accounts receivable included P1,000,000 due from customers and payable in quarterly installments of P125,000. The last payment is due December 30, 2X22. During the year, the estimated tax payment of P600,000 was charged to income tax expense. The income tax rate is 30% on all types of income.

Requirement: On December 31, 2X20, compute for (3 items x 5 points):

a.Total current assets

b.Total current liabilities

c.Retained earnings