On January 2, 2023, Eagle Corp. borrowed $25,000 from Bank Three. The loan was to be repaid in equal principal installments of $5,000, payable on December 31 of each year. beginning on December 31, 2023. Disregarding interest, the amount of the $25,000 loan that should be considered a long-term liability on the company's balance sheet for the year ended December 31, 2024 would be:

On January 2, 2023, Eagle Corp. borrowed $25,000 from Bank Three. The loan was to be repaid in equal principal installments of $5,000, payable on December 31 of each year. beginning on December 31, 2023. Disregarding interest, the amount of the $25,000 loan that should be considered a long-term liability on the company's balance sheet for the year ended December 31, 2024 would be:

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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