Trisha Company had a ₱2,400,000 note payable due June 30, 2021. On December 31, 2020, the entity signed an agreement to borrow up to ₱2,400,000 to refinance the note payable on a long-term basis. The...

Trisha Company had a ₱2,400,000 note payable due June 30, 2021. On December 31, 2020, the entity signed an agreement to borrow up to ₱2,400,000 to refinance the note payable 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 ₱1,800,000. On December 31, 2020, what amount of the note payable should be reported as current liability?