The following instalment payment schedule is for an instalment note payable: a. What are the non-current and

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The following instalment payment schedule is for an instalment note payable:

a. What are the non-current and current portions of the note at December 31, 2021?

b. What are the non-current and current portions of the note at December 31, 2024?

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Accounting Principles Volume 2

ISBN: 978-1119502555

8th Canadian Edition

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

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Question Posted: Feb 20, 2020 12:20 PM

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The following instalment payment schedule is for an instalment note payable: a. What are the non-current and

Question:

Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Jan. 1, 2021 Jan. 1, 2022 Jan. 1, 2023 Jan. 1, 2024 Jan. 1, 2025 $40,000 $12,000 11,500 11,000 10,500 $2,000 $10,000 1,500 1,000 500 20,000 10,000 10,000 10,000

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a December 31 2021 Current liabilities Interest payable 2000 Current ...View the full answer

Accounting Principles Volume 2

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