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Houston Company borrowed $20.000 from Dallas Company on March 1, Year 1. Houston issued a note payable that had a one year term and the
Houston Company borrowed $20.000 from Dallas Company on March 1, Year 1. Houston issued a note payable that had a one year term and the annual interest rate is 8%. On December 31 Year 1. Which of the following financial statements will the note payable and related interest be shown on? Multiple Choice Balance Sheet only Balance Sheet and Income Statement Balance Sheet and Statement of Stockholders' Equity Income Statement and Statement of Stockholders' Equity
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