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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 67
Reporting Interest and Long-term Debt, Including Current Portion
Barton Chocolates used a promissory note to borrow $1,000,000 on July 1, 2012, at an annual interest rate of 6 percent. The note is to be repaid in yearly installments of $200,000, plus accrued interest, on June 30 of every year until the note is paid in full (on June 30, 2017). Show how the results of this transaction would be reported in a classified balance sheet prepared as of December 31, 2012.
Barton Chocolates used a promissory note to borrow $1,000,000 on July 1, 2012, at an annual interest rate of 6 percent. The note is to be repaid in yearly installments of $200,000, plus accrued interest, on June 30 of every year until the note is paid in full (on June 30, 2017). Show how the results of this transaction would be reported in a classified balance sheet prepared as of December 31, 2012.
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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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