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Problem 1-10 (AICPA Adapted) Able Company had the following amounts of long-term debt outstanding on December 31, 2020 14% term note, due 2021 11% term note, due 2023 8% note, due in 11 equal annual principal payments plus interest beginning December 31,2021 7% guaranteed debentures, due 2022 30,000 1,070,000 1,100,000 1,000,000 Total 3,200,000 The annual sinking fund requirement on the guaranteed debentures is P40,000 per year What total amount should be reported as current liabilities on December 31, 2020? 40,000 a. 70,000 100,000 d. b. c. 130,000 Problem 1-11 (AICPA Adapted) Achilles Company reported the following liability balances on December 31, 202o: 12% note payable issued on March 1, 2019, maturing on March 1, 2021 10% note payable issued on October 1, 2019, maturing October 1, 2021 5,000,000 3,000,000 The 2020 financial statements were issued on March 31, 2021. On January 31, 2021, the entire P5,000,000 balance of the 12% note payable was refinanced through issuance of a long-term obligation payable lump sum Under the loan agreement.for the 10% note payable, the entity has the discretion to refinance the obligation for at least twelve months after December 31, 2020 What amount of the notes payable should be classified as current on December 31. 2020? 8,000,000 a. b. 5,000,000 3,000,000 C