Lime Co. incurs a $4,000 note with equal principal installment payments due for the next eight years.
Question:
Lime Co. incurs a $4,000 note with equal principal installment payments due for the next eight years. What is the amount of the current portion of the noncurrent note payable due in the second year?
A. $800
B. $1,000
C. $500
D. Nothing, since this is a noncurrent note payable
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Related Book For 
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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