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How much of loan would be classified as a current liability

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Orion Travel borrowed $90 000 on 1 January 2020. The loan must be paid off in three equal annual instalments: $30 000 on 1 January 2021, $30 000 on 1 January 2022, and $30 000 on 1 January 2023. The loan is interest free.

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Problem 1: On 30 June 2020, how much of this loan would be classified as a current liability? Briefly explain why this amount would be classified as a current liability. How much would be classified as a non-current liability on 30 June 2020?

Reference no: EM132918908

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