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On March 10, the Ohio University Company borrowed $50,000 from the bank. The company executed a promissory note for a term of three years, with
On March 10, the Ohio University Company borrowed $50,000 from the bank. The company executed a promissory note for a term of three years, with payments to start on April 10. Monthly payments are required, consisting of $2,000 on the principle plus interest to be computed at the rate specified on the note. On March 31, what amount will appear as a longterm liability on the balance sheet?
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