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How much of the note payable is classified as current

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A Poem A Day Company had P2,000,000 note payable that is due on February 28, 2021. The entity borrowed P1,600,000 on February 25, 2021 which has a five year term and used the proceeds to pay down the note and used other cash to pay the balance.

Problem 1: How much of the note payable is classified as current in the December 31, 2020 financial statements that were issued on March 31, 2021?

Reference no: EM132765991

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