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Cullumber Company borrowed $324,000 on January 1, 2022, by issuing a $324,000, 10% mortgage note payable. The terms call for annual installment payments of $65,000
Cullumber Company borrowed $324,000 on January 1, 2022, by issuing a $324,000, 10% mortgage note payable. The terms call for annual installment payments of $65,000 on December 31. Indicate the amount of mortgage note payable to be reported as a current liability and as a long-term liability at December 31, 2022. Current liability $ Long-term liability $
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