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The balance in a companys Long-Term Loan Payable account on December 31, 2020, is $420,000. The long-term loan amortizes over seven years with equal principal
The balance in a companys Long-Term Loan Payable account on December 31, 2020, is $420,000. The long-term loan amortizes over seven years with equal principal repayments of $60,000, the first of which is due on October 31, 2021. An interest amount of $2,700 will also be due on October 31, 2021. What amounts should be reported under current liabilities on the companys December 31, 2020, statement of financial position?
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