Krizia Corporation provided the following information on December 31, 2019.

Accounts receivable, net of credit balances in

customers' account of P25,000 P345,800

Merchandise inventory, excluding goods of P50,000

received on December 31, 2019 but unrecorded as a

purchase 700,980

Gift certificates payable 12,500

Serial bonds payable in semiannual installment of

P100,000 800,000

Rent received in advance 15,000

Notes payable, including bank loan of P30,000 due

on December 31, 2025 940,000

Notes receivable discounted 13,450

Prepaid expenses 5,600

Required: Compute the following:

a. Total current liabilities?

b. Total long term liabilities?