Question: On July 1, 2012, an entity issued a five-year note payable with a face amount of P250,000 and an interest rate of 10 percent. The

On July 1, 2012, an entity issued a five-year note payable with a face amount of P250,000 and an interest rate of 10 percent. The terns of the note require the entity to make five annual payments of P50,000 plus accrued interest, with the first payment due June 30, 2013. With respect to the note, the current liabilities section of the entity December 31, 2012, balance sheet should include?

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