The following totals are taken from the December 31, 2017 statement of financial position of Aquamarine Company.

Current assets P3,500,000

Noncurrent assets 8,000,000

Current liabilities 2,400,000

Noncurrent liabilities 2,700,000

Additional information:

a.CashofP380,000hasbeenplaced ina fund for, the retirement of long-term debt;The cash and long-term debt havebeen offset and arenot reflectedin the financialstatements.

b.Non-current assets include P500,000cost of treasury shares and land costing P3,000,000.This land had been retired from active use and reclassified as, "Held for Sale". The sale is highly, probable and is expected to be consummated in July 2018. Based on negotiation, with thepotential buyer, estimatedsales price isP3,500,000;transfer costsof P250,000 is expected to be incurred.,

c.Cash of P140,000 has beenset aside to pay taxes due. The cash and taxes payable have been offset and do not appear in the financial statements.

d.Advances on salespersons' commissions in the amount of P210,000, have been made.Also, sales commissions payable total P240,000. The net liability of P30,000 is included in current liabilities.

e.The company, as of December 31, 2017, was a defendant in a lawsuit for violation of a contract with a supplier.As of December 31, the company believed it was probable that estimated damages of P180,000 would result; thus, a liability wasrecorded on that date.In March 2018, however, the court decided the case and made an order to the company to pay the plaintiff the amount of P18,000.

Required:

Make the necessary adjustments and determine the following (the financial statements were authorized for issue on April 10, 2018):

1.Total current assets

2.Total non-current assets

3.Total current liabilities

4.Total non-current liabilities