3 Manchester Company provided the following information on December 31, 2020:

Income taxes withheld from employees

Cash balance at First State Bank
Cash overdraft at Harbor Bank
Accounts receivable with credit balance
Estimated expenses of meeting warranties on merchandise
previously sold
Estimated damages as a result of unsatisfactory performance
on a contract
Accounts payable
Deferred serial bonds, issued at par and bearing interest at 12%
Payable in semiannual installment of P500,000 due April 1 and
October 1 of each year, the last bond to be paid on October 1, 2026.
Interest is also paid semiannually
Stock dividend payable

Required: Compute the total current liabilities on December 31, 2020.

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 900,000 900,000
2,500,000
1,300,000 1,300,000
750,000 750,000

500,000 500,000

1,500,000 1,500,000
3,000,000 3,000,000

5,000,000
2,000,000
7,950,000

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