Superman Company has the following costs and expenses for the year ending December 21, 2X20.

Raw materials, 1/1/20	P30,000	Property taxes, factory building	P6,000
Raw materials, 12/31/20	20,000	Sales revenue	1,500,000
Raw materials purchases	205,000	Delivery expenses	100,000
Work-in-process, 1/1/20	80,000	Sales commissions	150,000
Work-in-process, 12/31/20	50,000	Indirect labor	105,000
Finished goods, 1/1/20	110,000	Factory machinery rent	40,000
Finished goods, 12/31/20	120,000	Factory utilities	65,000
Direct labor	350,000	Depreciation, factory building	24,000
Factory managers salary	35,000	Administrative expenses	300,000
Insurance, factory	14,000

Requirement:

1. Assume that Superman Companys accounting records show the balances of the following current asset accounts: Cash P17,000, Accounts Receivable (net) P120,000, Prepaid Expenses P13,000, and Short-Term Investments P26,000. Prepare the current assets section of the balance sheet for Superman Company as of December 31, 2020.