, 2020, Singapore Corporation owed notes payable of P1,000,000 with a maturity date of April 30, 2021. These notes did not arise from the normal course of business. On December 28 2020, Singapore issued P3,000,00 10-year bonds and used the part of the bond proceeds to liquidate the P1,000,000 notes payable. Singapore’ 2020 financial statement were issued on March 29, 2021. How much of the P1,000,000 notes payable will be classified as current liabilities on Singapore’s 2020 financial statement?
, 2020, Singapore Corporation owed notes payable of P1,000,000 with a maturity date of April 30, 2021. These notes did not arise from the normal course of business. On December 28 2020, Singapore issued P3,000,00 10-year bonds and used the part of the bond proceeds to liquidate the P1,000,000 notes payable. Singapore’ 2020 financial statement were issued on March 29, 2021. How much of the P1,000,000 notes payable will be classified as current liabilities on Singapore’s 2020 financial statement?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At December 31, 2020, Singapore Corporation owed notes payable of P1,000,000 with a maturity date of April 30, 2021. These notes did not arise from the normal course of business. On December 28 2020, Singapore issued P3,000,00 10-year bonds and used the part of the bond proceeds to liquidate the P1,000,000 notes payable. Singapore’ 2020 financial statement were issued on March 29, 2021. How much of the P1,000,000 notes payable will be classified as current liabilities on Singapore’s 2020 financial statement?
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