Question: Balance sheet classification Obj. 2 At the balance sheet date, a business owes a mortgage note payable of $375,000, the terms of which provide for

Balance sheet classification Obj. 2 At the balance sheet date, a business owes a mortgage note payable of $375,000, the terms of which provide for monthly payments of $1,250.

Explain how the liability should be classified on the balance sheet.

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