(L.OBJ. 7) Reporting current and long-term liabilities [5—15 min]
Orthopedic Dispensary borrowed $600,000 on January 2, 2011, by issuing a 15% note payable that must he paid in three equal annual installments plus interest for the year. The first payment of principal and interest comes due January 2, 2012.
Requirement
1. Insert the appropriate amounts to show how Orthopedic Dispensary should report its current and long-term liabilities.
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