KKK Inc. provided the following schedule of liabilities on December 31,2021: Accounts payable P6,500,000 Bank note payable – 10% 3,000,000 Bank note payable – 11% 5,000,000 Interest payable 150,000 Mortgage note payable – 10% 2,000,000 Bonds payable 4,000,000 --- The P3,000,000, 10% was issued March 1,2021, payable on demand. Interest is payable every six months. ---The one-year P5,000,000,11% note was issued January 15,2021. On December 31,2021, KKK negotiated written agreement with the bank to replace the note with a 2-year. P5,000,000 note to be issued January 15,2022. ---The 10% mortgage note was issued October 1,2018, with a term of 10 years. Terms of the note give the holder the right to demand immediate payment if the entity fails to make a monthly interest payment if the entity fails to make a monthly interest payment within 10 days from the date the payment is due. On December 31,2021, KKK is three months behind in making its required interest payment. ---The bonds payable are ten-year, 8% bonds, issued June 30,2012. Interest is payable semiannually on June 30 and December 31. What should be reported as total current liabilities on December 31?
- KKK Inc. provided the following schedule of liabilities on December 31,2021:
Accounts payable P6,500,000
Bank note payable – 10% 3,000,000
Bank note payable – 11% 5,000,000
Interest payable 150,000
Mortgage note payable – 10% 2,000,000
Bonds payable 4,000,000
--- The P3,000,000, 10% was issued March 1,2021, payable on demand. Interest is payable every six months.
---The one-year P5,000,000,11% note was issued January 15,2021. On December 31,2021, KKK negotiated written agreement with the bank to replace the note with a 2-year. P5,000,000 note to be issued January 15,2022.
---The 10% mortgage note was issued October 1,2018, with a term of 10 years. Terms of the note give the holder the right to demand immediate payment if the entity fails to make a monthly interest payment if the entity fails to make a monthly interest payment within 10 days from the date the payment is due. On December 31,2021, KKK is three months behind in making its required interest payment.
---The bonds payable are ten-year, 8% bonds, issued June 30,2012. Interest is payable semiannually on June 30 and December 31.
What should be reported as total current liabilities on December 31?
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