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Question 5 1.64/2 View Policies Show Attempt History Current Attempt in Progress The following are selected 2020 transactions– Your answer is partially correct. Compute the total net liability to be reported on the December 31 balance sheet for: (1)

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Answer #1

Net liability to be reported as on December 31.

1. The Interest bearing Note $43,860 ($43,000 + ($43,000 * 8% * 3 / 12)

2. The Zero-interest bearing Note $46,440 ( Steller Corporation has to pay $46,440 to Shore Bank, therefore the liability will be $46,440)

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