Question
3. TJR Inc., borrowed $500,000 by signing a five-year 8% note on January 1st this year. The company will make principal payments of $100,000
3. TJR Inc., borrowed $500,000 by signing a five-year 8% note on January 1st this year. The company will make principal payments of $100,000 each year plus accrued interest. On December 31" of this year the company pays $100,000 principal payment plus $40,000 in accrued interest. After making the payment TJR prepares their balance sheet, at what amount will they report as a current liability for this borrowing?
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College Accounting
Authors: Heintz and Parry
20th Edition
1285892070, 538489669, 9781111790301, 978-1285892078, 9780538489669, 1111790302, 978-0538745192
