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What amount should be reported as note payable

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Question - AAA Company bought a new machine and agreed to pay in equal annual installment of 600000 at the end of each of the next five years. The prevailing interest rate for this type of transaction is 12%.

Required -

What amount should be reported as note payable at the end of the second year?

What is the balance of Discount on notes payable at the end on the second year?

What amount should be reported as CURRENT NOTE payable at the end of second year?

Reference no: EM132916371

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