Question: Barton Chocolates used a promissory note to borrow $ 1 , 0 0 0 , 0 0 0 on July 1 , 2 0 0

Barton Chocolates used a promissory note to borrow $ 1,000,000 on July 1,2009, at an annual interest rate of 6 percent. The note is to be repaid in yearly installments of $200,000, plus accrued interest, on June 30 of every year until the note is paid in full (on June 30,2014). Show how the results of this transaction would be reported in a classified balance sheet prepared as of December 31,2009.

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