Exercise 3-18 (Part Level Submission) Pronghorn Corp. has three notes payable ou

Question

Exercise 3-18 (Part Level Submission) Pronghorn Corp. has three notes payable outstanding on December 31, 2016, as follows: 1 A six-year, 6%, $150,000 note payable issued on March 31, 2016. Pronghorn Corp. s required to pay $25 000 plus interest on March 31 each year starting 2017 2. A seven-month, 4%, $75,000 note payable issued on July 1, 2016, Interest and principal are payable at maturity.' 3. A 30-month 5%, $300,000 note payable ssued on September 1, 2016. Pronghorn Corp. s required to pay $10,000 plus interest thefirst day of each month starting on October 1, 2016. All payments are up to date. Your answer is incorrect. Try again. Calculate the current portion of each note payable. Current Portion Note 1 Note 2 Note 3 LINK TO TEXT Attempts:1 of 3 used SAVE FOR LATER SUBMIT ANSWER

Explanation / Answer

The current oportion of note payable is one which is payable within 12 months Current portion Note 1 25000 Note 2 75000 Note 3 120000 =10000*12

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