On June 2021, A Corporation loaned $1,000,000 from a bank, payable in 10 equal instalments. The installments are due semi-annually every June 30 and December 31 of each year. The first instalment was made on December 2021. As of December 31, 2021, how much is the current portion of the bank loan that will be classified as current liability?
On June 2021, A Corporation loaned $1,000,000 from a bank, payable in 10 equal instalments. The installments are due semi-annually every June 30 and December 31 of each year. The first instalment was made on December 2021. As of December 31, 2021, how much is the current portion of the bank loan that will be classified as current liability?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On June 2021, A Corporation loaned $1,000,000 from a bank,
payable in 10 equal instalments. The installments are due semi-annually
every June 30 and December 31 of each year. The first instalment was
made on December 2021. As of December 31, 2021, how much is the
current portion of the bank loan that will be classified as current liability?
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