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How much of the loan payable will water classify

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Question - As of December 31, 2022, WATER Company has an outstanding loan payable to another company for P5,000,000. It was issued on January 1, 2014 and had a term of 10 years. On January 15, 2023, WATER negotiated for an extension of the loan to December 31, 2025, to which the creditor agreed. The financial statements of WIND for the year ended December 31, 2022 were authorized for issue on March 30, 2023.

Required - How much of the loan payable will WATER classify as current on its December 31, 2022 statement of financial position?

Reference no: EM133160482

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