The December 31 trial balance of the Ruel Corporation includes, among others, the following:

Long-term Notes which are payable in an annual installment of

P10,000 on February 1 of each year P 60,000

Rental income received in advance 16,000

Notes payable, which are trade notes 60,000

Accounts payable including P2,000 unpaid balances (15^th month) 82,000

Notes Receivable which have been reduced by notes discounted of

P20,000 that are not yet due and on which the Corporation is contingently

liable 100,000

Accounts Receivable, which include accounts with credit balances

of P10,000 and past due accounts of P6,000 200,000

Advance payment for goods available next month 12,000

What is the amount of the current liabilities on December 31?