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Mac issues an installment note on August 1, 2017 with a required yield of 6% in exchange for land. The note calls for three equal
Mac issues an installment note on August 1, 2017 with a required yield of 6% in exchange for land. The note calls for three equal blended payments of $45,000 that are made August 1, 2018, August 1, 2019 and August 1, 2020. Fiscal year end is Decmeber 31. What is the amount of long term liabilities that shoudl be reported on December 31, 2018 on the statement of financials position.
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