Question

On January 1, 2024, ABC Company borrowed $187,000 from the bank. The loan requires annual payments...

On January 1, 2024, ABC Company borrowed $187,000 from the
bank. The loan requires annual payments of $40,600 every
December 31, beginning December 31, 2024. Assume the loan
has an interest rate of 10% compounded annually.

Calculate the amount of the note payable at December 31, 2025
that would be classified as a current liability.
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