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please explain 3. The company borrowed $600,000 by signing a five-year 5% note on January 12t this year. The company will make principal payments of
please explain 3. The company borrowed $600,000 by signing a five-year 5% note on January 12t this year. The company will make principal payments of $120,000 each year plus accrued interest. On December 31tt of this year the company pays $120,000 principal payment plus $30,000 in accrued interest. After making the payment the accountant prepares their balance sheet, at what amount will they report as a current liability for this borrowing
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