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Author Question: Lannister Inc. signed a $54,000 7% 15-year installment note on December 1, 2018. The note requires ... (Read 680 times)

Mr3Hunna

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on: Feb 18, 2020
Lannister Inc. signed a $54,000 7% 15-year installment note on December 1, 2018. The note requires quarterly payments of $900 plus interest on March 1, June 1, September 1, and December 1 of each year. How will Lannister classify this loan on its December 31, 2018 Balance Sheet?
◦ Current Portion of Long-term debt, $900; Long-term debt, $53,100
◦ Current Portion of Long-term debt, $3,600; Long-term debt, $50,400
◦ Current Portion of Long-term debt, $2,700; Long-term debt, $51,300
◦ Current Portion of Long-term debt, $1,800; Long-term debt, $52,200
Financial Accounting ¦ Kemp, Waybright ¦ 5th Edition
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Marked as best answer by Mr3Hunna on Feb 18, 2020

Jane

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Reply #1 on: Feb 18, 2020
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