Business, 18.07.2020 19:01 mildredelizam
Purdum Farms borrowed $10 million by signing a five-year note on December 31, 2015. Repayments of the principal are payable annually in installments of $2 million each. Purdum Farms makes the first payment on December 31, 2014 and then prepares its balance sheet. What amount will be reported as current and long-term liabilities, respectively, in connection with the note at December 31, 2014, after the first payment is made?
A. $2 million in current liabilities and $8 million in long-term liabilities.
B. $2 million in current liabilities and $6 million in long-term liabilities.
C. Zero in current liabilities and S8 million in long-term liabilities.
D. Zero in current liabilities and SIO million in long-term liabilities.
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Purdum Farms borrowed $10 million by signing a five-year note on December 31, 2015. Repayments of th...
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