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What amount of the note payable should be reported

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Question - Dean Company has a P1,000,000 note payable due June 30, 2021. On December 31, 2020, the entity signed an agreement to borrow up to P1,000,000 to refinance the note payable on a long-term basis. The refinancing 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 P750,000. On December 31, 2020, what amount of the note payable should be reported as current liability?

Reference no: EM133146403

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