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What amount of the notes payable should harding classify

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Reference no: EM132578233

Included in Harding Company's liability account balances at December 31, 2015 were the following:

  • 14% note payable issued, October 1, 2011, maturing September 30, 2016, P2, 500,000
  • 16% note payable issued October 1, 2015 payable in six equal semi-annual installments of P800, 000 every April 1 and October 1, beginning April 1, 2016, P4, 800,000
  • Harding's December 31, 2015 financial statements were issued on March 31, 2016. On March 10, 2016, Harding consummated a non-cancelable agreement with the lender to refinance the 14% P2, 500,000 note on a long-term basis, on readily determinable terms that have not yet been implemented.

REQUIRED:

Question 1: On the December 31, 2015 statement of financial position, what amount of the notes payable should Harding classify as current liabilities? (Disregard any amount of accrued interest as of December 31, 2015)

Reference no: EM132578233

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