Bear Inc. issues a $600 million, 6-year note on June 30, 2021 that is payable in annual installments of $100 million. How should Bear Inc. report the note payable on the Balance Sheet for the year-end 2021? O $600 million current liability O $500 million current liability and $100 million long-term liability O $600 million long-term liability O $100 million current liability and $500 million long-term liability

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Bear Inc. issues a $600 million, 6-year note on June 30, 2021 that is payable in annual installments of $100
million. How should Bear Inc. report the note payable on the Balance Sheet for the year-end 2021?
$600 million current liability
$500 million current liability and $100 million long-term liability
$600 million long-term liability
O $100 million current liability and $500 million long-term liability
Transcribed Image Text:Bear Inc. issues a $600 million, 6-year note on June 30, 2021 that is payable in annual installments of $100 million. How should Bear Inc. report the note payable on the Balance Sheet for the year-end 2021? $600 million current liability $500 million current liability and $100 million long-term liability $600 million long-term liability O $100 million current liability and $500 million long-term liability
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