Waite Corporation issued a 50 000 10 10 year installment note payable Waite Corporation issued a…

Waite Corporation issued a 50 000 10 10 year installment note payable
Waite Corporation issued a $50,000, 10%, 10-year installment note payable on January 1, 2017. Payments of $8,137 are made each January 1, beginning January 1, 2018.

Instructions

(a) What amounts should be reported under current liabilities related to the note on December 31, 2017?

(b) What should be reported under long-term liabilities?

Waite Corporation issued a 50 000 10 10 year installment note payable

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