Question: National Food Services Inc borrowed 4 million from its local

National Food Services, Inc., borrowed $4 million from its local bank on January 1, 2011, and issued a 4-year installment note to be paid in four equal payments at the end of each year. The payments include interest at the rate of 10%. Installment payments are $1,261,881 annually.

What would be the amount(s) related to the note that National would report in its statement of cash flows for the year ended December 31, 2011?

View Solution:

Sale on SolutionInn
  • CreatedJuly 11, 2013
  • Files Included
Post your question