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Determine non-current portion of the note payable as of dec

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Included in DAO Corporation's liability account balances at December 31, 20x6 was a Note payable for 2,800,000. The principal amount of the note payable is $2,800,000 and bears interest at 15%. The note is dated April 1, 20x6 and is payable in four equal installments of $700,000 beginning April 1, 20x7. The first principal and interest payment was made on April 1, 20x7.

Problem a. Determine the non-current portion of the note payable as of December 31, 20x7.

Problem b. Determine the interest expense for 20x7.

Reference no: EM132675164

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