National Food Services, Inc., borrowed $4 million from its local bank on January 1, 2011, and issued
Question:
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.
Required:
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?
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National would report the cash inflow of 4 million from the bor...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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