Reference no: EM132578925
Question 1: For each of the situation for case 1, determine the amount of the notes payable reported as current and non-current at December 31, 2015.
Case 1
In October 2014, Wilson Corporation acquired land from Woodrow, Inc. by paying P1, 000,000 down and signing a note with a maturity value of P6 million due October 31, 2015.
Situation A
Under the terms of the financing agreement, Wilson has the discretion to roll over the obligation for at least twelve months. In October 2015, management decides to exercise its discretion to extend the maturity date of its obligation to December 31, 2016.
Situation B
Under the terms of the financing agreement, Wilson has the discretion to roll over the obligation for at least twelve months. In October 2015, management decides to exercise its discretion to extend the maturity date of its obligation to December 31, 2017.
Situation C
The existing loan agreement does not carry a provision to refinance. In October 2015, Wilson was experiencing financial difficulty and was unable to pay the maturing obligation. On February 1, 2016, Woodrow has agreed not to demand payment for at least 12 months as a consequence of the breach of payment on the principal of the loan. The financial statements were authorized of issue on March 31, 2016.
Situation D
The existing loan agreement does not carry a provision to refinance. In October 2015, Wilson was experiencing financial difficulty and was unable to pay the maturing obligation. On December 31, 2015, Woodrow signed an agreement to provide Wilson a grace period of 15 months from that date, during which period, Woodrow will not demand immediate payment in order to give Wilson the chance to rectify the breach. The financial statements were authorized for issue on March 31, 2016.
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