Yes. You are supposed to report renewals of lines of credit subject to the once per year limit. In this case it sounds like you increased the amount when you combined the two lines. So you could have reported both renewals and then the increased amount later in the year. But you shouldn't have report both renewals and the entire combined amount plus the increase. As KC also pointed out, you could have reported only the new combined line including the increased amount as an optional way of reporting the transactions.
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