As part of your examination to audit the financial statements of Chris Company oe af Naramhar 21 3n1 unu wara ahle tn nothae tha fallowinn data. - Cash in payment of accounts payable to supplier on December 31, 2021 amounting to P8,000 was not recorded by Chris Company. - The 10% loan payable is due on June 30,2022 . Interest on the loan is due every July 1 and December 31 . On December 1, 2021, Chris Co. entered into a refinancing agreement with a bank to refinance the loan on a long-term basis. The refinancing and roll over transaction were completed on December 31, 2021. - The 12% loan payable is due July 1,2023 . The loan agreement requires Chris to maintain a current ratio of 3:1. If the current ratio falls below this amount, the loan becomes payable on demand. As of December 31, 2021, the current ratio of the company is 2.5:1. On January 5,2022 , the bank agreed not to demand payment giving Chris Co. one-year to rectify the breach of loan agreement