Intermediate 1 FSR Project Part H3: Current Liabilities Goal: To practice recording contingent liabilities and reporting them in the financial statements. (See Topic Guides LE 4, 7,8). Information: 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 repaid within 6 months of issuance. After the loan paperwork was signed, the bank transferred $736,000 to PPI and the company was able to start purchasing the needed inventory. While the purchase of inventory was properly recorded, no journal entries have yet been made for the note. PPI's management would like to know the