Question 24 Problem 12 On January 1, 2020 Machu, Inc. acquired mining rights near Cordillera for P20,000,000 for 10 years, there was no cash payment, instead Machu issued a 2-year non-interest bearing...

Extracted text: Question 24 Problem 12 On January 1, 2020 Machu, Inc. acquired mining rights near Cordillera for P20,000,000 for 10 years, there was no cash payment, instead Machu issued a 2-year non-interest bearing note. Since the Company's inception in 1956, the Company continued to restore the lands affected by its mining activities Management Expects restoration costs to be P2,000,000. Discount rates for similar instruments are as follows: 8% for 2 years and 12% for 10 years. On December 21, 2020, Machu was being sued by one of another corporation over a patent infringement. The Company's legal counsel finds it probable that Machu will be liable for P2.00,000 damages. Machu has a P5,000,000 comprehensive insurance which covers these type of situations. The insurance has a P300,000 deductible clause. How much is the total amount taken to the statement of comprehensive income as of December 31, 2020 (round off your answers to the nearest whole number)? Question 25 Machu has a P5,000,000 comprehensive insurance which covers these type of situations. The insurance has a P300,000 deductible clause. How much is the total amount taken to the statement of comprehensive income as of December 31, 2020 (round off your answers to the neare number)? Question 25 Using the information in number 12, How much is the total current liabilities as of December 31, 2020?