On January 1, 2020, ABC Company borrowed $200,000 from the bank. The loan is a...

Name: On January 1, 2020, ABC Company borrowed $200,000 from the b
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Accounting

On January 1, 2020, ABC Company borrowed $200,000 from the bank. The loan is a 10-year note payable that requires semi-annual payments of $24,000 every June 30 and December 31, beginning June 30, 2020. Assume the loan has a 20% interest rate, compounded semi-annually. Calculate the amount of the note payable at December 31, 2020 that would be classified as a long-term liability.

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