Seattle Medical Group borrowed $2,700,000 on July 1, 2012, by issuing a 6% long term note payable
Question:
Seattle Medical Group borrowed $2,700,000 on July 1, 2012, by issuing a 6% long term note payable that must be paid in three equal annual installments plus interest each July 1 for the next three years.
Requirement
1. Insert the appropriate amounts to show how Seattle would report its current andlong termliabilities.
Transcribed Image Text:
December 31 2013 2014 2012 Current Liabilities: Current Portion of Long-Term Note Payable $ Interest Payable Long-Term Liabilities: Long-Term Note Payable
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