W ERICA Accounting-Cycle.docx - Microsoft Word (Product Activation Failed) File Home Insert Page Layout References Mailings Review View Cut Calibri (Body) 11 AA Aa ! ! T A Find 1 Normal U - obe x x 1 No Spaci... Heading 1 E Copy Paste Format Painter Clipboard Heading 2 Title Subtitle Subtle Em... Change Styles be Replace Select- Editing Font Paragraph Styles ...... '''''''''''''''''''''''''4''''''''''''''6''''''''''' Problem 7 AHAVA Company provided the following information on December 31, 2019: ETILIN!!!!!ilirilir.2...1....!!!!!!!!!! Accounts Payable, net of creditors; debit balances of P200,000 Accrued expenses Bonds Payable due December 31, 2021 Premium on bonds payable Deferred tax liability Income tax payable Cash dividend payable Share dividend payable Note payable-6% due March 1, 2020 Note payable-8% due October 1, 2020 P2,000,000 800,000 4,500,000 500,000 500,000 1,100,000 600,000 400,000 1,500,000 1,000,000 The financial statement for 2019 were issued on March 31, 2020. On December 31, 2019, the 6% note payable was refinanced on a long-term basis. 1 Under the loan agreement, the entity has the discretion to refinance the 8% note payable for at least twelve months after December 31, 2019. 1. What amount should be reported as total current liabilities? 2. What amount should be reported as total non-current liabilities? #O Page: 4 of 4 Words: 709 E DEI 100% - + W 11:06 PM 8/1/2021