Question: =+EX 4-10 Classifying assets obj. 2 At the balance sheet date, a business owes a mortgage note payable of $360,000, the terms of which provide

=+EX 4-10 Classifying assets obj. 2 At the balance sheet date, a business owes a mortgage note payable of $360,000, the terms of which provide for monthly payments of $2,000.

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

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