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The accounts and balances shown below were gathered from Clown Company's trial balance on December 31, 2018. All adjusting entries have been made. Wages Payable,
The accounts and balances shown below were gathered from Clown Company's trial balance on December 31, 2018. All adjusting entries have been made. Wages Payable, P250,000; Cash, P175,000; Bonds Payable, due December 31, 2021 P600,000; Dividends Payable, P140,000; Prepaid Expense, P136,000; Inventory, P820,000; Bond Sinking Fund, P525,000; Financial asset at fair market value through profit/loss, P153,000; Financial asset at fair market value through other comprehensive income/loss, P300,000; Premium on Bonds Payable, P48,000; Investment in Associate, P1,020,000; Income Taxes Payable, P228,000; Deferred Tax Liability, P150,000; Accounts Payable, P248,000; Accounts Receivable, P366,000, Property Plant & Equipment, P1,200,000; Patents - net, P150,000; Accumulated Depreciation - PPE, P400,000; Land held for future business site, P900,000; and Goodwill P450,000. 1. How much should be the amount of current and non-current assets, respectively, on Clown's December 31, 2018 balance sheet? 2. How much should be the amount of current and non-current liabilities, respectively, to be reported in the December 31, 2018 balance sheet of Clown Company
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