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The accounts below were taken from the unadjusted trial balance of Diamond Company as at December 31, 2020:

Cash and cash equivalents P1,240,000; Investment in securities held for trading, at cost P870,000; Investments in equity securities (through other comprehensive income) P2,500,000; Notes receivable P920,000; Trade accounts receivable P1,220,000; Allowance for bad debts P60,000; Merchandise inventory P1,360,000; Notes payable P1,500,000; Trade accounts payable P750,000; Employees income tax withheld P40,000; Bonds payable P2,500,000; Cash dividends payable P150,000; Income tax payable P280,000; Deferred tax liability P78,000.

An analysis of the above accounts disclosed the following:

a. Included in Cash and cash equivalents is a 120-day, P500,000, certificate of time deposit dated September 17, 2020 and maturing on January 15, 2021. The certificate of deposit bears an interest rate of 4.8%. Sapphire has not accrued any interest on this deposit.

b. Trade accounts receivable was net of customers deposit of P50,000.

c. Merchandise worth P150,000 received December 30, 2020 was included in the inventory but was not recorded as a purchase.

d. Accounts payable was net of accounts with debit balances or P100,000.

e. A bank loan of P300,000 due December 31, 2022 was included in the notes payable balance.

f. Bonds payable, which bear interest at 10%, were issued on June 30, 2020, will mature in five annual instalments beginning June 30, 2016. The company has not recorded the accrued interest on these bonds at December 31, 2020.

g. The securities held for trading have a market value of P900,000 while investments in equity securities measured through other comprehensive income have market value of P2,420,000.

h. P28,000 of deferred tax liability is expected to reverse in 2021.

Required: Compute the total current asset and total current liability

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