Intermediate $1$ FSR Project Part #$3$: Current Liabilities PPI$$s Director of Finance argued that they should wait until they repaid the obligation to record the interest, after all it was technically a non$-$interest bearing note and the amount of interest was very small. What would have been the possible consequences of this option and who is likely to have been affected? To practice recording contingent liabilities and reporting them in the financial statements. $($See Topic Guides LE $4,7,8).$ On July $15,2022,$ PPI took out a special short$-$term note to finance the purchase of additional inventory needed for a large contract with a new client. The new, non$-$interest bearing loan was for $$800,000$ and must be r$\text{'}$