Question
National Food Services, Inc., borrowed $7.8 million from its local bank on January 1, 2021, and issued a 4-year installment note to be paid in
National Food Services, Inc., borrowed $7.8 million from its local bank on January 1, 2021, and issued a 4-year installment note to be paid in four equal payments at the end of each year. The payments include interest at the rate of 10%. Installment payments are $2,460,672 annually. Required: What would be the amount(s) related to the note that National would report in its statement of cash flows for the year ended December 31, 2021? (List each cash flow separately. List any cash outflow with a minus sign. Enter your answers in whole dollars.)
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