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December 31, 2019: Problem 2-8 (AICPA Adapted) Petite Company reported the following current assets on Prepaid expenses, including a deposit of P50,000 made on inventory to be delivered in 18 months 5,000,000 2,000,000 Cash Accounts receivable Inventory, including goods received on consignment P200,000 800,000 150,000 Total current assets 7,950,000 Cash in general checking account Cash fund to be used to retire bonds payable in 2021 Cash held to pay value added taxes 3,500,000 1,000,000 500.000 Total cash 5,000,000 What total amount of current assets should be reported on December 31, 2019? a. 6,750,000 b. 6,700,000 c. 7,700,000 d. 7,750,000