On the December 31, 2020 statement of financial position, the amount of these notes payable that ABC should classify as short-term obligation is?
ABC Corporation has the following liabilities at December 31, 2020:
8% note payable issued November 1, 2019, maturing October 31, 2021. 1,150,000
7% note payable dated August 1, 2020, payable in 12 equal annual
installments of P90,000 beginning August 1, 2021 1,080,000
ABC Company‘s December 31, 2020, financial statements were issued on March 19, 2021. On January 23, 2021, the entire P1,150,000 balance of the 8% note was refinanced by issuance of a long-term obligation payable in a lump sum. In addition, on December 29, 2020, ABC Company consummated a n on-cancelable agreement with the lender to refinance the 7% of P1,080,000 note on a long-term basis, on readily determinable terms that have not yet been implemented.
On the December 31, 2020 statement of financial position, the amount of these notes payable that ABC should classify as short-term obligation is?
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