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What should be reported under long-term liabilities

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Reference no: EM13532082

Berry Corporation issued a $50,000, 10%, 10-year installment note payable on January 1, 2012. Payments of $8,137 are made each January 1, beginning January 1, 2013.

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(a) What amounts should be reported under current liabilities related to the note on December 31, 2012?

(b) What should be reported under long-term liabilities?

Reference no: EM13532082

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