Homework Answers
We need to know how it will be reported on December 31, 2020 balance sheet
Let us know the outstanding as on that date
Opening Balance $ 354,000
First instalment paid on January 1, 2020 $ 71,000
Outstanding as on December 31, 2020 = $ 283,000
Out of this $ 283,000, $ 71,000 (second instalment) is due within one year and balance $ 212,000 is Long term debt.
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