Determining current portion of long-term note payable on, Finance Basics

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Determining current portion of long-term note payable on

Question: Determining current portion of long-term note payable On January 1, Jamison Company purchased equipment of $240,000 with a longterm note payable. The debt is payable in annual installments of $48,000 due on December 31 of each year. At the date of purchase, how will Jamison Company report the note payable?

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