Question: On January 1 , 2 0 2 2 , Laker Bakery borrowed $ 3 0 0 , 0 0 0 to purchase a building. The

On January 1,2022, Laker Bakery borrowed $300,000 to purchase a building. The loan requires installment payments over the next 40 years. The total principal balance of the loan was $295,000 as of December 31,2022. The total of the principal components of monthly payments for January 2023 through December 2023 is $6,000. What amount will Laker Bakery report as long-term debt on its December 31,2022 balance sheet?
$300,000
$295,000
$294,000
$289,000
On January 1 , 2 0 2 2 , Laker Bakery borrowed $

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