7. Included in ABC Corp.'s liability account balances at December 31, 2021, were the following: 18% note payable issued October 1, 2021, maturing September 30, 2022 – P175,000 12% note payable issued last April 1, 2020, originally at P600,000. The first installment of P100,000 was made on April 1, 2021, with the balance payable in 2 more installments as follows, P200,000 on April 1, 2022, and P300,000 on April 1, 2023. ABC's December 31, 2021, financial statements were issued on March 15, 2022. On March 10, 2022, ABC consummated a noncancelable agreement with the lender to refinance the 18%, P175,000 note on a long-term basis due on the year 2024, on readily determinable terms that have not yet been implemented. Given the data above, on the December 31, 2021 balance sheet, the amount of the current liability that ABC should present shall total?
7. Included in ABC Corp.'s liability account balances at December 31, 2021, were the following:
18% note payable issued October 1, 2021, maturing September 30, 2022 – P175,000
12% note payable issued last April 1, 2020, originally at P600,000. The first installment of P100,000 was made on April 1, 2021, with the balance payable in 2 more installments as follows, P200,000 on April 1, 2022, and P300,000 on April 1, 2023.
ABC's December 31, 2021, financial statements were issued on March 15, 2022. On March 10, 2022, ABC consummated a noncancelable agreement with the lender to refinance the 18%, P175,000 note on a long-term basis due on the year 2024, on readily determinable terms that have not yet been implemented. Given the data above, on the December 31, 2021
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