Elbow Lake Corp. issues a $600,000, 4-year, 4% note payable on March 31, 2024. The terms provide

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Elbow Lake Corp. issues a $600,000, 4-year, 4% note payable on March 31, 2024. The terms provide for fixed principal payments annually of $150,000.

a. Prepare the journal entries to record the note on March 31, 2024, and the first payment on March 31, 2025.

b. Show the balance sheet presentation of the current and non-current liabilities related to the note as at March 31, 2025.

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Accounting Principles Volume 2

ISBN: 9781119786634

9th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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Question Posted: Jan 26, 2023 07:03 AM

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Elbow Lake Corp. issues a $600,000, 4-year, 4% note payable on March 31, 2024. The terms provide

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a b 2024 Mar 31 Cash 2025 Mar 31 No...View the full answer

Accounting Principles Volume 2

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