Intermediate Accounting

Question 3: [4 marks] At December 31, 2020 Ashraf Co. records shown the following outstanding liabilities: -Serial bonds, $1,500,000, of which $500,000 mature during 2021. - Undeclared dividends on cumulative preference shares (6%, $100,000 par value) -At 1/1/2020 issued Note payable to Arab Bank, $650,000,12% due February 25, 2022. Additional information: At 1/7/2020 Ashraf Co. borrowed $20,000 from the Audi Bank by signing a 8-month, zero-interest- bearing $32,000 note Prepare a classified liability section at statement of financial position for Ashraf Corporation at 31/12/2020, the appropriate notes disclosure should be included (if any)