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Business, 18.11.2019 20:31 MeHelp101

The trial balance of mint corp. at december 31, year 6, is presented below and has been adjusted except for income tax expense. other financial data for the year ended december 31, year 6, are as follows: mint uses the percentage-of-completion method to account for long-term construction contracts for financial statement and income tax purposes. all receivables on these contracts are considered to be collectible within 12 months. during year 6, estimated tax payments of $450,000 were charged to prepaid taxes. mint has not recorded income tax expense. there were no temporary or permanent differences, and mint's tax rate is 30%.cash: dr $600,000accounts receivable, net: dr $3,500,000costs in excess of billings on long-term contracts: dr $1,600,000billings in excess of costs on long-term contracts: cr $700,000prepaid taxes: dr $450,000fixed assets, net: dr $1,480,000note payable - noncurrent: cr $1,620,000common stock: cr $750,000additional paid-in capital: cr $2,000,000retained earnings - unappropriated: cr $900,000retained earnings - restricted for note payable: cr $160,000earnings from long-term contracts: cr $6,680,000costs and expenses: dr $5,180,000in mint's december 31, year 6, balance sheet, what amount should be reported as total noncurrent liabilities? a) $2,320,000b) $1,780,000c) $1,620,000d) $2,480,000

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