Intercon Company is planning to refinance certain short-term obligations on a long term basis. The 2015 financial statements will be published on March 15, 2016. On December 31, 2015, before reclassification of short-term debt, the liabilities are: Accounts payable Note payable-bank Accrued expenses Mortgage payable Note payable - due in 2017 7,000,000 12,000,000 4,000,000 4,000,000 3,000,000 The entity intends to refinance P9,000,000 of the P12,000,000 bank note payable on a long term basis. Although the entire P12,000,000 is due on June 30, 2016, the bank has informally agreed to extend the maturity date for P6,000,000 to June 30, 2017, if necessary. On January 31, 2016, the entity issued share capital for P4,000,000, net of issue costs and underwriting fees of P500,000. On February 15, 2016, the entity entered into a financing agreement with a financially capable commercial bank, permitting the entity to borrow up to P3,000,000. Borrowings available at the entity's option on April 1, 2016 will mature five years after the loan date. The entity used the entire proceeds of the issue of share capital to retire part of the current note payable and now intended to draw down the entire available commitment of the five-year debt on April 1, 2016. Required: 1. Present the liabilities on December 31, 2015.