Cullumber Company borrowed $760,000 on December 31, 2019, by issuing an $760,000, 8% mortgage note payable. The terms callfor annual installment payments of $113,262 on December 31. Your answer is incorrect.Indicate the amount of mortgage note payable to be reported as a current liability and as a long-term liability at December 31,2021. (Round answers to O decimal places, e.g. 15,250.)Current liabilityLong-term liability$tA

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Cullumber Company borrowed $760,000 on December 31, 2019, by issuing an $760,000, 8% mortgage note payable. The terms call for annual installment payments of $113,262 on December 31.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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