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Problem 2-15 (AICPA Adapted) Gold Company provided the following trial balance on June 30, 2019: Cash overdraft 100.000 Accounts receivable 350,000 Inventory 580.000 Prepaid expenses 120,000 Land held for sale Property, plant and equipment, net 1.000.000 950.000 Accounts payable Accrued expenses 200,000 Share premium 150,000 Share capital 250,000 Retained earnings 1,500,000 800,000 3,000,000 3,000,000 Checks amounting to P300,000 were written to vendors and recorded on June 29, 2019 resulting in a cash overdraft of P100,000. The checks were mailed on July 9, 2019. Land held for sale was sold for cash on July 15, 2019. The entity issued the financial statements on July 31, 2019. 1. What total amount should be reported as current assets? a. 2,250,000 b. 2,050,000 c. 1,950,000 d. 1,250,000 2. What total amount should be reported as current liabilities? a. 450,000 b. 350,000 c. 650,000 d. 300,000 3. What total amount should be reported as shareholders equity? a. 2,550,000 b. 1,750,000 c. 1,500,000 d. 2,300,000 67