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Balance Sheet Classification At the balance sheet date, a business owes a mortgage note payable of $375,000, the terms of which provide for monthly payments

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Balance Sheet Classification At the balance sheet date, a business owes a mortgage note payable of $375,000, the terms of which provide for monthly payments of $1,250. How should the liability be classifled on the balance sheet? Current liability: $ Long-term liabality: 1

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