On July 1, 2017, Sun Company issued a five-year note payable with a face amount of P7,000,000 and an interest rate of 11%. The terms of the note require Solar to make five annual payments of P1,400,000 plus accrued interest, with first payment due July 1, 2018. With respect to the note, the current liabilities section of Sun's December 31, 2020 statement of financial position should include a total amount of ________.
On July 1, 2017, Sun Company issued a five-year note payable with a face amount of P7,000,000 and an interest rate of 11%. The terms of the note require Solar to make five annual payments of P1,400,000 plus accrued interest, with first payment due July 1, 2018. With respect to the note, the current liabilities section of Sun's December 31, 2020 statement of financial position should include a total amount of ________.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On July 1, 2017, Sun Company issued a five-year note payable with a face amount of P7,000,000 and an interest rate of 11%. The terms of the note require Solar to make five annual payments of P1,400,000 plus accrued interest, with first payment due July 1, 2018. With respect to the note, the current liabilities section of Sun's December 31, 2020 statement of financial position should include a total amount of ________.
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