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The balance in a company's longterm loan payable account on December 31, 2024, is $50,000. On September 1 of every year, the loan was repaid

The balance in a company's longterm loan payable account on December 31, 2024, is $50,000. On September 1 of every year, the loan was repaid in the amount of $50,000 over the last 10 years. How should this liability be reported on the company's statement of financial position on December 31, 2024?

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