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What amount of the note payable should be reported

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Reference no: EM132650647

Problem 1: Lutch Company has a $2,000 note payable due June 30, 2021. On December 31, 2020, the entity signed an agreement to borrow up to $2,000 to refinance the note payable on a long-term basis. The financing agreement called for borrowing not to exceed 80% of the value of the collateral the entity was providing. On December 31, 2020, the value of the collateral was $1,500. On December 31, 2020, what amount of the note payable should be reported as current liability?

Reference no: EM132650647

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