Reference no: EM132789734
The following information is presented on Baron Company's balance sheet as of December 31, 2020:
4% note payable issued October 1, 2020, maturing September 30, 2021 $ 220,000
6% note payable issued April 1, 2020, payable in five equal annual instalments of $ 100,000 beginning April 1, 2021 500,000
Problem 1: Baron's December 31, 2020 financial statements were to be issued on March 15, 2021. On January 20, 2021, the entire $ 600,000 balance of the 6% note was refinanced by issuing a long-term note to be repaid in 2024. In addition, on March 9, 2021, Baron made arrangements to refinance the 4% note on a long-term basis. Under IFRS, on the December 31, 2020 statement of financial position, the amount of the notes payable that Baron should classify as current liabilities is
A. $ 220,000.
B. $ 320,000.
C. $ 720,000
D. $ 0.
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