Question: Assad Inc. issued a five-year, 7% instalment note payable, with fixed principal payments plus interest, due annually. The following instalment payment schedule is partially completed:

Assad Inc. issued a five-year, 7% instalment note payable, with fixed

Assad Inc. issued a five-year, 7% instalment note payable, with fixed principal payments plus interest, due annually. The following instalment payment schedule is partially completed: Fill in the missing amounts. Interest Period Cash Payment Interest Expense Reduction of Principal Principal Issue date 1 $8,100 $ $ 2 7,680 1,680 3 1,260 4 6,840 840 5 6,420 420 e Textbook and Media What are the current and non-current portions of the note at the end of period 3? Current portion $ Non-current portion $

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