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Brief Exercise 21-7 Installment note [LO21-3, 21-6] On January 1, 2018, the Merit Group issued to its bank a $54 million, five-year installment note to
Brief Exercise 21-7 Installment note [LO21-3, 21-6]
On January 1, 2018, the Merit Group issued to its bank a $54 million, five-year installment note to be paid in five equal payments at the end of each year. Installment payments of $14.245 million annually include interest at the rate of 10.0%. What would be the amount(s) related to the note that Merit would report in its statement of cash flows for the year ended December 31, 2018?
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