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On December 31, 2020, Concord Corporation has $6020000 of short-term notes payable due on February 14,2021. On January 10, 2019. Concord arranged a line of
On December 31, 2020, Concord Corporation has $6020000 of short-term notes payable due on February 14,2021. On January 10, 2019. Concord arranged a line of credit with Beach Bank which allows Concord to borrow up to $4460000 at one percent above the prime rate for three years. On February 2.2021. Concord borrowed $3630000 from Beach Bank and used $1510000 additional cash to liquidate $5190000 of the short-term notes payable. The amount of the short-term notes payable that should be reported as current liabilities on the December 31, 2020 balance sheet which is issued on March 5, 2021 is
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