Question: Balance Sheet Classification At the balance sheet date, a business owes a mortgage note payable of $300,000, the terms of which provide for monthly

Balance Sheet Classification At the balance sheet date, a business owes a

Balance Sheet Classification At the balance sheet date, a business owes a mortgage note payable of $300,000, the terms of which provide for monthly payments of $1,000. How should the liability be classified on the balance sheet? Current liability: Long-term liability: $

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