Problem 1-10 (AICPA Adapted)Able Company had the following amounts of long-term debtoutstanding on December 31, 2020:14% note payable, due 202111% note payable, due 20238% note payable, due in 11 equal annual principalpayments, plus interest beginning December 31, 20217% guaranteed debentures, due 202230,0001,070,0001,100,0001,000,000Total3,200,000The annual sinking fund requirement on the guaranteeddebentures is P40,000 per year.What total amount should be reported as current liabilitieson December 31, 2020?a.40,000b.70,000100,000d.с.130,000Problem 1-11 (AICPA Adapted)Achilles Company reported the following liability balances onDecember 31, 2020:12% note payable issued on March 1, 2019, maturingon March 1, 202110% note payable issued on October 1, 2019, maturingOctober 1, 20215,000,0003,000,000The 2020 financial statements were issued on March 31, 2021.On January 31, 2021, the entire P5,000,000 balance of the 12%note payable was refinanced through issuance of a long-termobligation payable lump sum.Under the loan agreement for the 10% note payable, the entityhas the discretion to refinance the obligation for at least twelvemonths after December 31, 2020.What amount of the notes payable should be classified ascurrent on December 31, 2020?8,000,0005,000,0003,000,0000.a.b.с.d. Burma Company disclosed the following information about4,000,0001,500,000500,0001,000,000ProProblem 1-8 (IAA)AbleoutsAccounts payable, after deducting debit balancesin suppliers' accounts amounting to P100,000Accrued expensesCredit balances of customers' accountsShare dividend payableClaims for increase in wages and allowance byemployees of the entity, covered in a pending lawsuitEstimated expenses in redeeming prize couponspresented by customersliabilities at year-end:14%11%8% r7% g400,000Tota600,000ThedebeWhat total amount should be presented as current liabilitiesat year-end?Whaon Ia. 6,700,000b. 6,600,000c. 7,100,000d. 7,700,000a.b.с.d.Problem 1-9 (AICPA Adapted)ProGar Company disclosed the following liability accountbalances on December 31, 2020:AchiDece12% rAccounts payableBonds payablePremium on bonds payableDeferred tax liabilityDividends payableIncome tax payableNote payable, due January 31, 202110%1,900,0003,400,000200,000400,000500,000900,000600,000The 2On JanoteobligaOn December 31, 2020, what total amount should be reportedUnderhas thmontlas current liabilities?a. 7,100,000b. 4,300,000c. 3,900,000d. 4,100,000Whatcurrea.b.с.d.

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roblem 1- Able Compan