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At the start of the current year, a company issued a $1,000,000 note to a bank. The company must pay the bank $200,000 plus interest
At the start of the current year, a company issued a $1,000,000 note to a bank. The company must pay the bank $200,000 plus interest each January 1 for the next five years starting at the beginning of next year. The company will report the note payable on its current year's balance sheet as O Current liabilities, $500,000; Long-term Debt, $500,000. O Current liabilities, $200,000; Long-term Debt, $800,000. O Current liabilities, $800,000; Long-term Debt, $200,000. 4 O Current liabilities, $1,000,000. O Long-term debt, $1,000,000
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