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How the mortgage liability should be reported

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Question - Vision Electronics issues a $700,000, 10-year, 12% mortgage note payable on December 31, 2017, to help finance a plant expansion. The terms of the note provide for semi-annual blended payments of $60,430. Payments are due on June 30 and December 31. Make an instalment payment schedule for the first two years and show how the mortgage liability should be reported on the balance sheet at December 31, 2017.

Reference no: EM132570224

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