Bon Secour Medical Group borrowed $600,000 on July 1, 2014, by issuing a 14% long term note

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Bon Secour Medical Group borrowed $600,000 on July 1, 2014, by issuing a 14% long term note payable that must be paid in three equal annual installments plus interest each July 1 for the next three years.

Requirement

Insert the appropriate amounts to show how Bon Secour would report its current and long-term liabilities.

Bon Secour Medical Group borrowed $600,000 on July 1, 2014,

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Financial Accounting

ISBN: 978-0132889711

1st Canadian Edition

Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper

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Question Posted: Jul 08, 2015 02:43 AM

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Bon Secour Medical Group borrowed $600,000 on July 1, 2014, by issuing a 14% long term note

Question:

21 i27 December 31 2015 2014 2016 Current Liabilities: Current Portion of Long-Term Note Payable $ Interest Payable Long-Term Liabilities: Long-Term Note Payable

Step by Step Answer:

December 31 2014 2015 2016 Current liabilities Current portion ...View the full answer

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