Reference no: EM132964374
Problem 1: On January 1, 2019, Trent Inc., a calendar-year company, issued $160,000 of notes payable, of which $40,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2019, is: which of the following:
Option 1: Current Liabilities, $120,000; Long-term Debt, $40,000.
Option 2: Current Liabilities, $40,000; Long-term Debt, $120,000.
Option 3: Current Liabilities, $160,000.
Option 4: Long-term Debt, $160,000.
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