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On March 1, 2020, B Services issued a 3% long-term notes payable for $16,000. It is payable over a 4-year term in $4,000 annual principal
On March 1, 2020, B Services issued a 3% long-term notes payable for $16,000. It is payable over a 4-year term in $4,000 annual principal payments on March 1 of each year plus interest, beginning March 1, 2021. How will the notes payable be shown on the Balance Sheet dated December 31, 2020? GO Enterprises signed a 8%, 10-year note for $200,000. The company paid an installment of $3,000 for the first month. What portion of the first monthly payment is interest expense? (Do not round any intermediate calculations, and round your final answer to the nearest dollar.)
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