Reference no: EM133025467
Question - Included in Witt Company's liability account balances at December 31, 2010 were the following:
6% note payable issued October 1, 2009 maturing September 30, 2011 500,000
8% note payable issued April 1, 2009 maturing April 1, 2011 800,000
Witt's December 31, 2010 financial statements were issued on March 31, 2011. On January 15, 2011, the entire P800,000 balance of 8% note was refinanced by issuance of a long-term obligation payable in a lump sum. In addition, on March 10, 2011, Witt consummated a non-cancelable agreement with the lender to refinance the 6%, P500,000 note on a long-term basis, on readily determinable terms that have not yet been implemented. Both parties are financially capable of honoring the agreement, and there have been no violations of the agreement's provisions. In December 31, 2010 statement of financial position, what amount of the notes payable should be classified as current?
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