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How much should be reported as current liability at december

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  • At December 31, 2020, Coronado Corporation owes $530,400 on a note payable due February 15, 2021.

Question 1: If Coronado had restructured the note on December 15. 2020. such that Coronado has the contractual right to defer payment of $265.200 of the note until February 15, 2022, how much of the $530.400 should be reported as a current liability at December 31.2020?

Question 2: If Coronado pays off the note on February 15. 2021, and then borrows $1,060,800 on a long-term basis on March 1, how much of the $530,400 should be reported as a current liability at December 31, 2020, the end of the fiscal year?

Reference no: EM132485590

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