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    Accrued interest , Current and Long-term note balance

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    On August 1, 2007, Seinfeld Co issued a note payable to First Providence Bank in the amount of $1,200,000. The interest rate on the note is 8% and the note is payable in three payments annually of $400,000 plus interest on August 1st each year. The first payment is due August 1, 2008. Please provide the following:

    a. Accrued interest as of December 31, 2008.
    b. Current and Long-term note balance as of December 31, 2008

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    https://brainmass.com/business/accounting/accrued-interest-current-long-term-note-balance-206440

    Solution Preview

    On August 1, 2007, Seinfeld Co issued a note payable to First Providence Bank in the amount of $1,200,000. The interest rate on the note is 8% and ...

    Solution Summary

    This provides the steps to compute the Accrued interest , Current and Long-term note balance

    $2.19

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