Mint Corp.'s trial balance as of December 31, year 6 is presented below and has been adjusted except for income tax expense. Other financial data for the year ended December 31, year 6, are as follows:

The Mint uses the percentage of completion method to account for long-term construction contracts for financial statement and income tax purposes. All accounts receivable from these contracts are considered collectible within 12 months.

During year 6, estimated tax payments of $450,000 were charged to prepaid taxes. Mint has not recorded an income tax expense. There were no temporary or permanent differences, and the Mint's tax rate is 30%.

	Dr.	chrome
Money	$ 600,000
Accounts receivable, net	3,500,000
Costs above billing in long-term contracts	1,600,000
Billing in excess of costs on long-term contracts		$ 700,000
prepaid taxes	450.000
Fixed assets, net	1,480,000
Document payable - non-current		1,620,000
Common actions		750.000
Additional payment in principal		2,000,000
Retained earnings -- unallocated		900,000
Retained earnings -- restricted to notes payable		160.000
Earnings from long-term contracts		6,680,000
Costs and expenses	5,180,000
	$12,810,000	$12,810,000

On the Mint's balance sheet for December 31, year 6, what amount should be reported as total current assets?

Answer rating: 100% (QA)

The total current assets on Mints balance sheet for December 31 year 6 shou... View the full answer