Question: S 1 1 - 5 Determining current portion of long - term note payable. On January 1 , Irving Company purchased equipment of $ 2

S11-5 Determining current portion of long-term note payable.
On January 1, Irving Company purchased equipment of $280,000 with a long-term note payable. The debt is payable in annual installments of $56,000 due on December 31 of each year. At the date of purchase, how will Irving Company report the note payable?
S 1 1 - 5 Determining current portion of long -

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