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Lulu Luxuries Company issued a four-year interest-bearing note payable for $200,000 on January 1, 2016. Each January the company is required to pay $50,000
Lulu Luxuries Company issued a four-year interest-bearing note payable for $200,000 on January 1, 2016. Each January the company is required to pay $50,000 on the note. How will this note be reported on the December 31, 2017 balance sheet? a. Long-term debt, $200,000. b. Long-term debt, $150,000. c. Long-term debt, $100,000; Long-term debt due within one year, $50,000. d. Long-term debt, $150,000; Long-term debt due within one year, $50,000.
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