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McGee Family Trust made an investment in a local business to finance the growth and expansion of the business. The investment was in the form
McGee Family Trust made an investment in a local business to finance the growth and expansion of the business. The investment was in the form of a 6%, $500,000 loan repayable in 5 years with interest due annually, and principal due at maturity. How would this appear on the Statement of Financial Position at inception? a) Loans Payable $500,000 b) Loans Receivable $373,630 c) Loans Receivable $500,000 d) Loans Payable $373,630
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