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CASE 2: FUEGOLEON CORPORATION In the audit of the Fuegoleon Corporation's financial statements on December 31, 20x3, the chief accountant of the said corporation provided the following information: Notes payable: Arising from purchase of goods P608,000 Arising from five-year bank loans, on which marketable securities valued at P1,200,000 have been pledged as security, 1,000,000 P800,000 due on June 30, 20x4; P200,000 due on Dec. 31, 20x4 Arising from advances by officers, due June 30, 20X4 100,000 800,000 Reserve for general contingencies Employees' income tax withheld 40,000 Advances received from customers on purchase orders 128,000 Containers' deposit 100,000 Accounts payable arising from purchase of goods, net of debit balances of P30,000 340,000 Accounts receivable, net of credit balances of P60,000 720,000 Cash dividends payable 160,000 Stock dividends payable 200,000 Dividends in arrears on preferred stock, not yet declared 400,000 Convertible bonds, due January 31, 20x5 2,000,000 First mortgage serial bonds, payable in semi-annual installments of P100,000, due April 1 and October 1 of each year 4,000,000 Overdraft with Allied Bank 180,000 Cash in bank balance with PNB 780,000 320,000 Estimated damages to be paid as a result of unsatisfactory performance on a contract Estimated expenses on meeting guarantee for service requirements on merchandise sold 240,000 Estimated premiums payable 150,000 Deferred revenue 174,000 Accrued interest on bonds payable 720,000 Common stock warrants outstanding 240,000 Common stock options outstanding 420,000 Unused letters of credit 800,000 Deficiency VAT assessment being contested 1,000,000 Notes receivable discounted 400,000 Deferred tax liability 450,000 Additional information: 1) On March 1, 20x4, the P800,000 note payable was replaced by an 18-month note for the same amount. Fuegoleon is considering similar action on the P200,000 note payable due on December 31, 20x4. The 20x3 financial statements were issued on March 31, 20x4. 2) On December 1, 20x3, a former employee filed a lawsuit seeking P400,000 for unlawful dismissal. Fuegoleon's attorneys believe that the suit is without merit. No court date has been set. 3) On January 15, 20x4, the BIR assessed Fuegoleon an additional income tax of P600,000 for the 20x1 tax year. Fuegoleon's attorneys and tax accountants have stated that it is likely that the BIR will agree to a P400,000 settlement. REQUIRED: Based on the above and the result of your audit, compute the following: 4. Total current liabilities 5. Total noncurrent liabilities