On January 1, 2020, Pharoah Company, a calendar-year company, issued $1680000 of notes payable, of which $420000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2020, is:
a. Long-term debt, $1680000.
b. Current liabilities, $1680000.
c. Current liabilities, $420000; Long-term Debt, $1260000.
d. Current liabilities, $420000; Long-term Debt, $840000.
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On January 1, 2020, Pharoah Company, a calendar-year company, issued $1680000 of notes payable, of w...
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