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-On January 1, 2018, Waterway Company, a calendar-year company, issued $615000 of notes payable, of which $153750 is due on January 1 for each of

-On January 1, 2018, Waterway Company, a calendar-year company, issued $615000 of notes payable, of which $153750 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2018, is

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