Homework Answers
Answer : $150,000.
Explanation: Under US GAAP,, when an entity expects to refinance its short term debt or obligation then such debt shall be classified as long term . Since Largo prepaid $150,000 of the note on (Jan 12 , 2021) before refinancing & issue of 2020 financial statement, therefore only $150,000 of the note payable should be included in current liabilities section of December 31, 2020 balance sheet.
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