The following instalment payment schedule is for an instalment note payable: (a) What are the non-current and

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The following instalment payment schedule is for an instalment note payable:

(a) What are the non-current and current portions of the note at December 31, 2013?
(b) What are the non-current and current portions of the note at December 31, 2016?

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Accounting Principles Part 3

ISBN: 978-1118306802

6th Canadian edition Volume 1

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

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Question Posted: Mar 31, 2017 12:58 AM

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The following instalment payment schedule is for an instalment note payable: (a) What are the non-current and

Question:

Interest Period Cash Payment Interest Expense Reduction of PrincipalPrincipal Balance Jan. 1, 2013 Jan. 1, 2014 Jan. 1, 2015 Jan. 1, 2016 Jan. 1, 2017 12,000 11,500 11,000 10,500 2,000 1,500 1,000 500 10,000 10,000 10,000 10,000 $40,000 30,000 20,000 10,000

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a December 31 2013 Current liabilities Interest payable 2000 Current portion ...View the full answer

Accounting Principles Part 3

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