Question: Balance Sheet Classification At the balance sheet date, a business owes a mortgage note payable of $648,000, the terms of which provide for monthly payments

Balance Sheet Classification

At the balance sheet date, a business owes a mortgage note payable of $648,000, the terms of which provide for monthly payments of $1,800.

How should the liability be classified on the balance sheet?

Current liability: $

Long-term liability: $

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