On July 1, 2017, Moon Company issued a five-year note payable with a face amount of P7,000,000 and an interest rate of 11%. The terms of the note require Moon to make five annual payments of P1,400,000 plus accrued interest, with first payment due July 1, 2018. With respect to the note, the current liabilities section of Moon‘s December 31, 2020 statement of financial position should include a total amount of ________.
On July 1, 2017, Moon Company issued a five-year note payable with a face amount of P7,000,000 and an interest rate of 11%. The terms of the note require Moon to make five annual payments of P1,400,000 plus accrued interest, with first payment due July 1, 2018. With respect to the note, the current liabilities section of Moon‘s December 31, 2020 statement of financial position should include a total amount of ________.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter14: Long-term Liabilities: Bonds And Notes
Section: Chapter Questions
Problem 11E
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On July 1, 2017, Moon Company issued a five-year note payable with a face amount of P7,000,000 and an interest rate of 11%.
The terms of the note require Moon to make five annual payments of P1,400,000 plus accrued interest, with first payment due
July 1, 2018. With respect to the note, the current liabilities section of Moon‘s December 31, 2020
should include a total amount of ________.
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