On July 31, 2022, Edgmont Co. purchased $ 44 comma 000 of inventory on a one-year, 9-percent note payable. Interest payable on December 31, 2022, was $1 comma 650. Show what Edgmont Co. reports for the note payable and related interest payable on its balance sheet on December 31, 2022, and on its income statement for the year ended on that date. Question content area bottom Part 1 Let's start by entering the statement labels, accounts, and amounts relating to the note payable on our partial balance sheet.

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Partial Balance Sheet as of December 31 2022 Liabilities Notes Payable Notes Payable Due with... View the full answer