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Cullumber Company borrowed $830,000 on December 31, 2019, by issuing an $830,000, 10% mortgage note payable. The terms call for annual installment payments of
Cullumber Company borrowed $830,000 on December 31, 2019, by issuing an $830,000, 10% mortgage note payable. The terms call for annual installment payments of $135,079 on December 31. (a) (b) Indicate the amount of mortgage note payable to be reported as a current liability and as a long-term liability at December 31, 2021. (Round answers to O decimal places, e.g. 15,250.) Current liability $ Long-term liability
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