On January 1, Franklin Company purchased equipment of $ 260 comma 000 with a long-term note payable. The debt is payable in annual installments of $ 52 comma 000 due on December 31 of each year. At the date of purchase, how will Franklin Company report the note payable?
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Home » Business » On January 1, Franklin Company purchased equipment of $ 260 comma 000 with a long-term note payable. The debt is payable in annual installments of $ 52 comma 000 due on December 31 of each year.