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Determine the current liability as of december

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Question - A note payable to the Bank of the Philippine Islands for P2,700,000 is outstanding on December 31, 2010. The note is dated October 1, 2009, bears interest at 18%, and is payable in three equal annual installment of P900,000. The first interest and principal payment was made on October 1, 2010. Determine the current liability as of December 31, 2010.

Reference no: EM133182484

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