Question: Midterm Activity 1: Liabilities X # Midterm Acitivity 1: Liabilities New Tab X > C A docs.google.com/forms/d/e/1FAlpQLSfFdxkPDbk6mBC13XzEYNcHe4AGLNTII3WY1glmkrRM01E-rw/formResponse 9 5 points On December 31, 2015, Ace

Midterm Activity 1: Liabilities X # Midterm Acitivity 1: Liabilities New Tab X > C A docs.google.com/forms/d/e/1FAlpQLSfFdxkPDbk6mBC13XzEYNcHe4AGLNTII3WY1glmkrRM01E-rw/formResponse 9 5 points On December 31, 2015, Ace Company had P6,000,000 note payable due on February 28, 2016. On December 23, 2015, the entity arranged a line of credit with City Bank which allowed the entity to borrow up to P5,000,000 at 6% per annum for three years. On February 1, 2016, the entity borrowed P4.000,000 from City Bank and used P2.000.000 additional cash to liquidate the note payable. The 2015 financial statements were issued on March 15, 2016. What amount of note payable should be reported as current in the December 31, 2015 statement of financial position? O a. 6,000,000 b. 5,000,000 C. 4,000,000 O d. 2,000,000 ! 10 5 points a0c023ba0b 1e25e..jpg a0c023ba0ble25e..jpg Show all X Type here to search 30*C Cloudy A D ENG 12:26 pm 06/10/2021

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