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Bull Corporation has a December 31 fiscal year-end. As of December 31, Year 1, Bull...

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Accounting

Bull Corporation has a December 31 fiscal year-end. As of December 31, Year 1, Bull Corporation has the following items:

- $150,000 Notes payable, due on March 1, Year 2. The company has reached an agreement with the bank to refinance the note for 2 years but the refinancing has not yet been completed.

- $500,000 4% bond payable, due on December 31, Year 5. The company has violated the bond covenants which causes the bonds to come due on January 31, Year 2. The company has negotiated with the bondholder and the bondholder agreed to grant the company 6 months to rectify the debt covenant violation.

Assuming that under US GAP the current asset of Bull Corporation at December 31. Year 1 is $520,000. Calculate the current asset of Bull Corporation at December 31, Year 1 under IFRSs?

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