On the balance sheet, you are required to present the balance of Notes Receivable and Notes Payable at their Present Value when they meet the following criteria:

These must be presented at their Present Value regardless of when they due

The asset or debt extends beyond $12$ months $($long$-$term$)$

None of the above

The asset or debt will be due within $12$ months $($short$-$term$)$

 

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