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Question - In the long-term liabilities section of its statement of financial position on December 31, 2022, Bergify Co. reported a lease liability of P75,000, net of current portion. Payments of P9,000 were made on both January 2, 2023, and January 2, 2024. Bergify 's incremental borrowing rate on the date of the lease was 11% and the lessor's implicit rate, which was known to Bergify, was 10%. In its December 31, 2023's Statement of Financial Position, what amount should Bergify report as lease liability, net of current portion?
Shake Corporation has several current notes receivable on its year-end balance sheet. Should the controller re-classify the notes? Give your reasons
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