Question: Current Attempt in Progress At December 3 1 , 2 0 2 0 , Pharoah Corporation owes $ 5 2 1 , 0 0 0

Current Attempt in Progress
At December 31,2020, Pharoah Corporation owes $521,000 on a note payable due February 15,2021.
If Pharoah had restructured the note on December 15,2020, such that Pharoah has the contractual right to defer payment of $260,500 of the note until February 15,2022, how much of the $521,000 should be reported as a current liability at December 31,2020?
The amount to be reported as a current liability at December 31,2020 $
-15
Question Part Score
If Pharoah pays off the note on February 15,2021, and then borrows $1,042,000 on a long-term basis on March 1, how much of the $$21,000 should be reported as a current liability at December 31,2020, the end of the fiscal year?
The amount to be reported as a current liability at December 31,2020 $
Current Attempt in Progress At December 3 1 , 2 0

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