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A company borrowed $6.2 million from its local bank on January 1 of the current year, and issued a four-year installment note to be paid
A company borrowed $6.2 million from its local bank on January 1 of the current year, and issued a four-year installment note to be paid in four equal payments at the end of each year. The payments include interest at the rate of 9%. Installment payments are $1,913,746 annually. Required: What would be the amount(s) related to the note that the company would report in its statement of cash flows for the year ended December 31 of the current year? Note: List each cash flow separately. Cash outflows should be indicated with a minus sign. Enter your answers in whole dollars and not in millions
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