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At the start of this fiscal year, Aimee purchased a building where she can run and operate her business for $850,000. When she purchased the
At the start of this fiscal year, Aimee purchased a building where she can run and operate her business for $850,000. When she purchased the building, she paid $125,000 in cash and signed a mortgage note payable for the remainder. The note was for 20 years, and she must pay $3,021 per month on the note. How would this note be classified on the balance sheet at the start of the fiscal year? a. $36,252 in current liabilities and $688,748 in long-term liabilities b. $725,000 in current liabilities and $36,252 in long-term liabilities c. $725,000 in long-term liabilities d. $850,000 in long-term liabilities
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