1 answer

Any's payment of the note plus interest on December 31, 2018 June 30, 2018 its fiscal...

Question:

anys payment of the note plus interest on December 31, 2018 June 30, 2018 its fiscal rock Aumalize the cermining current por
3. Jou e plus interest on December 31, 2018 current portion of long-term note payable Company purchased equipment of $280,000
any's payment of the note plus interest on December 31, 2018 June 30, 2018 its fiscal rock Aumalize the cermining current portio Determina ent portion of long-term note payable mpany purchased equipment of $280,000 with a long term note able in annual installments of $56,000 due on December 31 of of purchase, how will Irving Company report the note payablet I Lanuary 1, Irving Learning ou parable. The dehi car. At the date of purchase cachor. A og and journalizing an employee's total na Computing and jour
3. Jou e plus interest on December 31, 2018 current portion of long-term note payable Company purchased equipment of $280,000 with a long term ste is payable in annual installments of $56,000 due on December 31 of date of purchase, how will Irving Company report the $11-5 Deterp Determining current po On January 1, Irving Co able. The debt is payable ch year. At the date of Learning parable

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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