(a)
Liabilities
Liabilities are an obligation of the business to pay to the creditors in future for the goods and services purchased on account or any for other financial benefit received. It can be current liabilities or a non-current liabilities depending upon the time period in which it is paid.
Mortgage note payable
Mortgage note payable is a long term note secured by a loan, which pledges title to particular assets as a security for the loan. The company has to pay the mortgage with interest.
To Prepare: The installment payment schedule for the first three payments of notes payable.
(b)
To Prepare: The
(c)
To Prepare: The balance sheet presentation of mortgage payable for December 31, 2017.
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