Determining current portion of long-term note payable On January 1, Irving Company purchased equipment of $280,000 with a long-term note payable. The debt is payable in annual installments of $56,000 due on December 31 of gach year. At the date of purchase, how will Irving Company report the note payable?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Determining current portion of long-term note payable
On January 1, Irving Company purchased equipment of $280,000 with a long-term note
payable. The debt is payable in annual installments of $56,000 due on December 31 of
gach year. At the date of purchase, how will Irving Company report the note payable?
Transcribed Image Text:Determining current portion of long-term note payable On January 1, Irving Company purchased equipment of $280,000 with a long-term note payable. The debt is payable in annual installments of $56,000 due on December 31 of gach year. At the date of purchase, how will Irving Company report the note payable?
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