Question 1:How much is the total amount to be presented as trade and other receivables under current asset?

Question 2: How much loss from receivable financing should be recognized in the income statement?

In the course of your audit of Deliks Company's Receivables account as of December 31, 2019, you found out that the account comprised the following items: Trade Accounts Receivable 1,550,000 Trade Accounts Receivable, assigned (proceeds from 750,000 assignment amounted to P650,000 Trade Accounts Receivable, factored (proceeds from factoring done on a without recourse basis amounted 300,000 to P250,000 12% Trade Notes Receivable 200,000 20% Trade Notes Receivable, discounted at 40% upon 300,000 receipt of the 180-day note on a without recourse basis Trade receivables rendered worthless 50,000 Installments receivable, normally due 1 year to 2 years 600,000 Customers' credit balances arising from sales returns 60,000 Advance payments for purchase of merchandise 300,000 Customer's account reporting credit balances arising 40,000 from advance payments Cash advances to subsidiary 800,000 Claim from insurance company 30,000 Subscription receivable due in 60 days 600,000 Accrued interest receivable 20,000 Deposit on contract bids 500,000 Advances to Stockholders (collectible in 2021) 2,000,000 Question 1: How much is the total amount to be presented as trade and other receivables under current asset? Question 2: How much loss from receivable financing should be recognized in the income statement