Tri-County Medical Group borrowed $1,050,000 on July 1, 2018, by issuing a 5 percent long-term note payable

Question:

Tri-County Medical Group borrowed $1,050,000 on July 1, 2018, by issuing a 5 percent long-term note payable that must be paid in three equal annual installments, plus interest, each July 1 for the next three years.

Requirement

Insert the appropriate amounts below to show how Tri-County Medical Group would report its current and long-term liabilities.

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Financial Accounting

ISBN: 978-0134727790

5th edition

Authors: Robert Kemp, Jeffrey Waybright

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Question Posted: Dec 19, 2019 08:00 AM

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Tri-County Medical Group borrowed $1,050,000 on July 1, 2018, by issuing a 5 percent long-term note payable

Question:

December 31 2019 2018 2020 Current Liabilities: Current Portion of Long-Term Note Payable $ Interest Payable Long-Term Liabilities: Long-Term Note Payable %24

Step by Step Answer:

December 31 2018 2019 2020 Current Liabilities Current Portion of Longter...View the full answer

Financial Accounting

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