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Fill in the red and the blank for part C On July 1, 2020, Swifty Ltd. borrowed $14,500 by signing a two-year, 4% note payable.
Fill in the red and the blank for part C
On July 1, 2020, Swifty Ltd. borrowed $14,500 by signing a two-year, 4% note payable. The note is payable in two annual instalments of $7,688 on June 30 . The company records adjusting journal entries annually at year end on December 31. What amounts would Swifty report as current and non-current in the liabilities section of its statement of financial position on December 31, 2020? (Round answers to the nearest whole dollar, e.g. 5,255.)Step by Step Solution
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