Question
On January 1, 2008, ABC Company borrowed $200,000 from the bank. The loan is a 10-year note payable. They require semi-annual payments of $18,000 every
On January 1, 2008, ABC Company borrowed $200,000 from the bank. The loan is a 10-year note payable. They require semi-annual payments of $18,000 every June 30 and December 31, beginning June 30, 2008. Assume the loan had a 10% interest rate, compounded semi-annually.
Calculate the amount of the note payable at December 31, 2008 that would be classified as a current liability.
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Intermediate Accounting principles and analysis
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
2nd Edition
471737933, 978-0471737933
