Eliot Company reported the following liabilities on December 31, 2022: Accounts payable and accrued interest 1,000,000...

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Eliot Company reported the following liabilities on December 31, 2022: Accounts payable and accrued interest 1,000,000 2,000,000 12% note payable issued November 1, 2021 maturing July 1, 2023 10% debentures payable, next annual principal installment of P500,000 due February 1, 2023 7,000,000 On December 31, 2022, the entity consummated a noncancelable agreement with the lender to refinance the 12% note payable on a long-term basis. On December 31, 2022, what total amount should be reported as current liabilities? Eliot Company reported the following liabilities on December 31, 2022: Accounts payable and accrued interest 1,000,000 2,000,000 12% note payable issued November 1, 2021 maturing July 1, 2023 10% debentures payable, next annual principal installment of P500,000 due February 1, 2023 7,000,000 On December 31, 2022, the entity consummated a noncancelable agreement with the lender to refinance the 12% note payable on a long-term basis. On December 31, 2022, what total amount should be reported as current liabilities?

Answer rating: 100% (QA)

Accounts payable and accrued liabilities 10 debentures payable nex... View the full answer