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IX. The following information about Victoria Company is available at December 31, 2020: 1. Employee income taxes withheld, P900. 2. Cash balance at First Federal Bank, P 2,500. 3. Cash overdraft at Farmers Bank, P 1,350. 4. Accounts receivable with credit balance, P 2,850. 5. Estimated expenses of meeting warranties on merchandise previously sold, P 3,200. 6. Estimated damages as a result of unsatisfactory performance on a contract, P 1,250. 7. Accounts payable, P 29,750. 8. Dividends in arrears on preference shares, P 25,000. 9. Deferred serial bonds of P 500,000, issued at par and bearing interest at 10%, payable in semiannual installments of P 50,000, due April 1 and October 1 of each year; the last bond to be paid on October 1, 2023. Interest is also paid semiannually. 10. Par value of ordinary shares to be distributed as a result of a share dividend declaration, P 40,000. Instructions: (a) Prepare the current liability section of the balance sheet for Victoria Company on December 31, 2020 (b) Briefly explain those items that you have not included among the current liabilities, citing reasons for exclusion