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What are the current and long-term portions of notes payable

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Reference no: EM132873507

Question 1: A not-for-profit hospital's fiscal year ends on December 31st. On January 1st, 2017, the hospital took out a bank loan for $500,000. The loan has an annual interest rate of 5% and requires that the hospital repay the loan principal in 15 equal payments made annually on the last day of the fiscal year. Interest is paid separately. Loan repayments began on the last day of FY 2017. Assuming the bank loan is the hospital's only debt, what are the current and long-term portions of notes payable that would be shown on the balance sheet as of the last day of FY 2020?

Reference no: EM132873507

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