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What total amount of current liability hazelnut report

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Problem 1: On July 1, 2021, HAZELNUT Company acquired machinery worth ?2,500,000 from PINE NUTS Corporation. Terms of the contract calls for a downpayment of ?500,000 and signing a 2-year 10% note payable for the balance. Interest is payable quarterly. The existing loan agreement does not carry a provision to refinance. During September, HAZELNUT was experiencing financial difficulty and was unable to pay the periodic interest. What total amount of current liability should HAZELNUT report in its December 31, 2021 statement of financial position assuming PINE NUT agreed at report date not to demand payment as a consequence of the breach?

Option 1: ? 2,100,000

Option 2: ? 100,000

Option 3: ? 0

Option 4: ? 50,000

Reference no: EM132998730

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