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Please show me how you did the current portion and the non-current portion calculations. Brief Exercise 10-7 Assad Inc. issued a five-year, 8% instalment note
Please show me how you did the current portion and the non-current portion calculations.
Brief Exercise 10-7 Assad Inc. issued a five-year, 8% instalment note payable, with fixed principal payments plus interest, due annually. The following instalment payment schedule is partially completed: Your answer is correct. Fill in the missing amounts. Cash Payment Interest Expense Reduction of Principal Interest Period Issue date Principal Balance $40,000 3200 $11,200 8000 32,000 10,560 2,560 8000 24000 9920 8000 16000 1,920 9,280 1,280 T 8000 8,000 T 8,640 640 8000 LINK TO TEXT x Your answer is incorrect. Try again. What are the current and non-current portions of the note at the end of period 3? Current portion S Non-current portion slStep by Step Solution
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