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How much of the loan payable will EARTH classify

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Question - As of December 31, 2022, EARTH Company has an outstanding 10-year loan with a bank amounting to P1,800,000. The loan matures on December 31, 2025. However, on January 15, 2023, upon review of EARTH's third-quarter interim financial statements ended September 30, 2022, the bank noted that EARTH's debt-to-asset ratio was above the minimum ratio prescribed by the bank, making the loan immediately due and demandable. Based on the unaudited statement of financial position as of December 31, 2022, EARTH's debt-to-equity ratio was still above the minimum ratio prescribed by the bank.

Required - How much of the loan payable will EARTH classify as non-current on its December 31, 2022 statement of financial position?

Reference no: EM133171033

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