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The balance sheet at December 31, 2021, for Oxygen Corporation includes the liability below:
A P12 million 9% bank loan is payable on October 31, 2027. The bank has the right to demand payment after any fiscal year-end in which Oxygen's ratio of current assets to current liabilities falls below a contractual minimum of 1.7 to 1 and remains so for six months. That ratio was 1.45 on December 31, 2021, due primarily to an intentional temporary decline in inventory levels. Normal inventory levels will be reestablished during the first quarter of 2022.
Problem 1: How should this liability reported in the statement of financial position?
Group of answer choices
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