Entity X obtained a loan for an amount of R150 000 from the bank, at the beginning of current financial period. Current financial period ends on 28 February 2020. Loan agreement stipulated the following repayment dates and amount:

Entity X obtained a loan for an amount of R150 000 from the bank at the beginning of current financial period. Current financial period ends on 28 February 2020. Loan agreement stipulated the following repayment dates and amount: Repayment date Amount 31 December 2020 R50 000 28 February 2021 R25 000 31 December 2021 R40 000 28 February 2022 R35 000 Total R150 000 . . Which of the following statement is correct regarding how the above loan would be classified in the statement of financial position for the year ending 28 February 2020? A. Current liabilities would amount to R75 000 and Non-current liabilities would amount to R75 000. B. Current liabilities would amount to R115 000 and Non-current liabilities would amount to R35 000 C. Current liabilities would amount to R50 000 and Non-current liabilities would amount to R100 000 D. Current liabilities would amount to R100 000 and Non-current liabilities would amount to R50 000. Reset Selection . Question 2 of 8 2.0 Points Which of the following criteria's if any of the criteria's is satisfied, will result into liabilities being classified as non- current liability? (1) It is expected to be settled in the entity's normal operating cycle (usually one year) (2) It is due to be settled within twelve months after the statement of financial position date. (3) Are long-term debts and have to be settled after one year of the statement of financial position date. (4) All other liabilities (thus being liabilities that are not classified as current liabilities will be classified as non-current). O A. (3) and (4) B. (1) and (2) . . . C. (1) and (3) . O D.(1).(2) and (4) Reset Selection