Question: Balance Sheet Classification At the balance sheet date, a business owes a mortgage note payable of $522,000, the terms of which provide for monthly payments

Balance Sheet Classification

At the balance sheet date, a business owes a mortgage note payable of $522,000, the terms of which provide for monthly payments of $1,450.

How should the liability be classified on the balance sheet? Current liability: fill in the blank 1 of 2$ Long-term liability: fill in the blank 2 of 2$

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