A payment of $2,300,000 is made on a long-term liability. Of this amount, $300,000 is payment for

Fantastic news! We've Found the answer you've been seeking!

Question:

A payment of $2,300,000 is made on a long-term liability. Of this amount, $300,000 is payment for interest while the remaining $2,000,000 is repayment of principal. Calculate the impact of this payment on the total net position for government-wide financial statements (Please use a negative number to indicate a decrease).