The company has the following three loans payable scheduled to be repaid in February of next year. As of December 31 of this year, compute
(1) Total current liabilities and
(2) Total noncurrent liabilities.
(a) The company intends to repay Loan A, for $10,000, when it comes due in February. In the following September, the company intends to get a new loan for $8,000 from the same bank.
(b) The company intends to refinance Loan B for $15,000 when it comes due in February. The refinancing contract, for $18,000, will be signed in May, after the financial statements for this year have been released.
(c) The company intends to refinance Loan C for $20,000 before it comes due in February. The actual refinancing, for $17,500, took place in January, before the financial statements for this year have been released.