Homework Answers
Total Cost of Equipment = $ 2,80,000
Annual Installments = $ 56,000
Total no. of installments = $ 2,80,000/$56,000 = 5 installments
The current portion of long-term debt is the amount of principal that will be due within one year of the date of the balance sheet.
Since Balance sheet is prepared on 31 December, one installment is due within one year
Current portion of long term debt = 56000
Long Term notes payable (Balance)
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