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Find the amount of the notes payable

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Reference no: EM133104033

Question - On December 31, 2020, Gumble Ltd., an IFRS reporting company, has $3,150,000 in short-term notes payable due on August 14, 2021. On December 10, 2020, Gumble arranged with the note holders to re-finance the amount owing for an additional two years at a floating interest rate of 2% above prime. Find the amount of the notes payable that should be reported as non-current liabilities on Gumble's December 31, 2020 statement of financial position (to be issued on March 5, 2021)?

a. $0.

b. $600,000.

c. $1,400,000.

d. $3,150,000.

Reference no: EM133104033

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