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Question
hillwood clinic has borrowed $90,000 from the bank with the following terms: $20,000 of the this amount to be paid in year 1, $30,000 to be paid in year 2, and $40,000 to be paid in year 3 . time continues to move on, and hillwood has met the terms of the note in both year 1 and year 2 . therefore at the beginning of year 3 the remaining portion of the loan is now classified as follows:
a. $70,000 long-term note payable
b. $70,000 short-term note payable plus zero long-term note payable
c. $40,000 long-term note payable
d. none of the above
Answer
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