Take me to the text On October 1, 2020, Cervera Company borrowed $325,000 from the local bank. The note is payable in equal installments over 5 years. Do not enter dollar signs or commas in the input boxes. a) Write the journal entry to record the note payable. Date Account Title and Explanation Debit Credit Oct 1 Record a note payable from the bank b) How much of the note payable would be considered current on October 1, 2020? Round your answer to the nearest whole dollar. Current Portion: $

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.