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Lime Co. incurs a $\$ 4,000$ note with equal principal installment payments due for the next eight years. What is the amount of the current portion of the noncurrent note payable due in the second year?A. $\$ 800$B. $\$ 1,000$C. $\$ 500$D. nothing, since this is a noncurrent note payable

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Chapter 12

Current Liabilities

Section 2

Analyze, Journalize, and Report Current Liabilities

The Real Economy in the Long Run

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So this question says that Lyme coal, which your company? In course, 4000 notes. So we have a notes off. We have a notes off $4000. Andi. It's due. He has an equal. So the notes as equal installments payments. So we pay equal amounts for the next eight years. So the question says, What is the amount of the current question off the no current notes payable do in the second year. So I want to know how much you pay for the second year, which is basically yet so so for you to want to know how much you pay. So since we know that we're paying equal installments every year, basically, just divide $4000 by eight years to find out what you paint each year, and that gives us 500. Are we paying equal payments for every year? So we're still gonna pay 504 years to, So that's the answer

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