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Problem 1-14 (AICPA Adapted) Dean Company has a P2,000,000 note payable due June 30, 2021. On December 31, 2020, the entity signed an agreement to borrow up to P2,000,000 to refinance the note payabl on a long-term basis The financing agreement called for borrowing not to exceed 80% of the value of the collateral the entity was providing On December 31, 2020, the value of the collateral was P1,500,000 On December 31, 2020, what amount of the note payable should be reported as current liability? 2,000,000 1,500,000 800,000 500,000 a. b. c. d. Problem 1-15 (AICPA Adapted) Willem Company reported the following liabilities on December 31, 2020: Accounts payable Short-term borrowings Mortgage payable, current portion P100,000 Bank loan payable, due June 30, 2021 750,000 400,000 3,500,000 1,000.000 The P1,000,000 bank loan was refinanced with a 5-year loan on January 15, 2021, with the first principal payment due January 15, 2022 The financial statements were issued February 28, 2021 What total amount should be reported as current liabilities on December 31, 2020? a. 1,150,000 b. 2,250,000 c. 1,250,000 d. 850,000 23