On January 2, 2018, Keystone Company borrowed $60,000 from Bank Three. The loan was to be repaid in equal principal installments of $10,000, payable on December 31 of each year, beginning on December 31, 2018. Disregarding interest, the amount of the $60,000 loan that should be considered a long-term liability on the company's balance sheet for the year ended December 31. 2019 would be:

On January 2, 2018, Keystone Company borrowed $60,000 from Bank Three. The loan was to be repaid in equal principal installments of $10,000, payable on December 31 of each year, beginning on December 31, 2018. Disregarding interest, the amount of the $60,000 loan that should be considered a long-term liability on the company's balance sheet for the year ended December 31. 2019 would be:

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter14: Long-term Liabilities: Bonds And Notes

Section: Chapter Questions

Problem 11E

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