Reference no: EM132813309
M Corp. reported the following liability balances on December 31, 2020:
10% note payable issued on October 1, 2019, maturing October 1, 2021 - P2,000,000
12% note payable issued on March 1, 2019, maturing on March 1, 2021 - P4,000,000
Problem 1: The 2020 financial statements were issued on March 31, 2021. Under the loan agreement for the 10% note payable, the entity has the discretion to refinance the obligation for at least twelve months after December 31, 2020. On March 1, 2021, the entire P4,000,000 balance of the 12% note payable was refinanced through issuance of a long-term obligations payable lump sum. How much of the notes payable should be classified as current on December 31, 2020?
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