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Included in Harrison Inc.s account balances at December 31, 20x7, were the following: 5%...

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Accounting

Included in Harrison Inc.s account balances at December 31, 20x7, were the following:

5% note payable issued October 1, 20x7, maturing September 30, 20x8 $241,943

8% note payable issued April 1, 20x7, payable in six equal

annual installments (or: 400,102/6) beginning April 1, 20x8 $400,102

Harrisons December 31, 20x7 financial statements were to be issued on March 31, 20x8. On January 15, 20x8, the entire $400,102 balance of the 8% note was refinanced by issuance of a long-term note to be repaid in 20x8. In addition, on March 10, 20x8, Harrison made arrangements to refinance the 5% note on a long-term basis. Under IFRS, on the December 31, 20x7 statement of financial position, the amount that Harrison should classify as current liabilities is:

Answer:

(308,627)

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