Brief Exercise 13-09

At December 31, 2020, Coronado Corporation owes $529,700 on a note payable due February 15, 2021.

If Coronado had restructured the note on December 15, 2020, such that Coronado has the contractual right to defer payment of $264,850 of the note until February 15, 2022, how much of the $529,700 should be reported as a current liability at December 31, 2020?

The amount to be reported as a current liability at December 31, 2020