On January 1, 2013, Thames Company purchases property and signs a 6-year mortgage note for $60,000 at 4%. Please see the partial amortization schedule below. At January 1, 2013, what portion of the balance of the mortgage payable should be shown as a current liability?

Question

On January 1, 2013, Thames Company purchases property and signs a 6-year mortgage note for $60,000 at 4%. Please see the partial amortization schedule below.   At January 1, 2013, what portion of the balance of the mortgage payable should be shown as a current liability?

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The Answer of On January 1, 2013, Thames Company purchases property and signs a 6-year mortgage note for $60,000 at 4%. Please see the partial amortization schedule below.   At January 1, 2013, what portion of the balance of the mortgage payable should be shown as a current liability?

On January 1, 2013, Thames Company Purchases Property and Signs