The ledger of COLTISH Co. in 2021 includes the following:

Jan. 1, 2021 Dec. 31, 2021 Current assets 1,200,000 Noncurrent assets 4,000,000 Current liabilities 900,000 1,000,000 Noncurrent liabilities 3,000,000 Additional information: COLTISH's working capital as of December 31, 2021 is twice as much as the working capital as of January 1, 2021. Total equity as of January 1, 2021 is P1,700,000. Profit for the year is P2,400,000 while dividends declared amounted to P1,000,000. There were no other changes in equity during the year