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What should be included in current notes payable account

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Reference no: EM132791708

E. Included on Harding Company's liability account balances at December 31, 2020 were the following:

  • 14% Note payable issued October 1, 2016; maturing September 30, 2017.
  • 16% Note payable issued October 1, 2020 payable in six semi-annual installments every April1 and October 1.

Harding's December 31, 2020 financial statements were issued on March 31, 2021. On March 10, 2021, Harding consummated a non-cancelable agreement with the lender to refinance the 14% note on a long-term basis, on readily determinable terms that have not yet been implemented.

Question 1: What should be included in current notes payable account in the statement of financial poison on December 31, 2016?

 

Reference no: EM132791708

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