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Wolfe Company has a 5-year mortgage for $150,000 which requires 5 equal payments of principal plus interest. In the first year of the mortgage, Wolfe
Wolfe Company has a 5-year mortgage for $150,000 which requires 5 equal payments of principal plus interest. In the first year of the mortgage, Wolfe will report this liability as a:
A. current liability of $30,000 and a long-term liability of $120,000.
B. current liability of $150,000.
C. long-term liability of $150,000.
D. current liability of $120,000 and a long-term liability of $30,000.
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