on March 1, 2020. The entity borrowed P3,500,000 on February 1, 2020 which had a five-year term and used the proceeds to pay down the note and used other cash to pay the balance. The December 31, 2019 financial statements were issued on March 31, 2020. What amount of the note payable should be classified as noncurrent on December 31, 2019?
on March 1, 2020. The entity borrowed P3,500,000 on February 1, 2020 which had a five-year term and used the proceeds to pay down the note and used other cash to pay the balance. The December 31, 2019 financial statements were issued on March 31, 2020. What amount of the note payable should be classified as noncurrent on December 31, 2019?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 30E
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Mana Company had P5,000,000 note payable due on March 1, 2020. The entity borrowed P3,500,000 on February 1, 2020 which had a five-year term and used the proceeds to pay down the note and used other cash to pay the balance. The December 31, 2019 financial statements were issued on March 31, 2020. What amount of the note payable should be classified as noncurrent on December 31, 2019?
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