Solution-Which of the following is true

Which of the following is true

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Reference no: EM13507120

Jade Larson Antiques owes $20,000 on a truck purchased for use in the business. The company makes principal payments of $5,000 each year plus interest at 8%. Which of the following is true?

a. After the first payment is made, the company owes $15,000 plus three year's interest.
b. After the first payment, $15,000 would be shown as a long-term liability.
c. After the first payment is made, $5,000 would be shown as the current portion due on the long-term note.
d. Just before the last payment is made, $5,000 will appear as a long-term liability on the balance sheet.

Reference no: EM13507120

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Which of the following is true

Reference no: EM13507120

Reference no: EM13507120

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