On January 1, 2020, Silay Inc. acquired mining rights near cordillera for P20,000,000 for 10 years, there was no cash payment, instead Silay issued a 2-year non-interest bearing note. Since the company's inception in 1956, the Company continued to restore the lands affected by its mining activities. Management expects restoration costs to be P2,000,000. Discount rates for similar instruments are as follows: 8% for 2 years and 12% for 10 years.

On December 21, 2020, Silay was being sued by one of another corporation over a patent infringement. The company's legal counsel finds it probable that Silay will be liable for P2,000,000 damages.

Silay has P5,000,000 comprehensive insurance which covers these type of situations. The insurance has a P300,000 deductible clause.

QUESTION:

1) how much is the total amount taken to the statement of comprehensive income as of December 31,2020? (round off answer to the nearest whole number)

2) How much is the total current liabilities as of December 31, 2020?