On May 31st, Morrison Company obtained a nine-month, $80,000, 6% loan from First National Bank....
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Accounting
On May 31st, Morrison Company obtained a nine-month, $80,000, 6% loan from First National Bank. The principal and interest will be paid at maturity. How much should Morrison report as a current liability related to this loan on their December 31, 2018 balance sheet? (Use months instead of 360 days to determine any accrued interest).
$83,200
$82,100
$80,000
$82,800
$82,400
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