On November 1,2013,EZ Products Borrowed $48,000 on a 5%,10-Year Note $$\begin{array} { | l | l | l | } \hline \quad\quad& \quad&\quad \\\hline & & \\\hline\end{array}$$

question 140

Essay

On November 1,2013,EZ Products borrowed $48,000 on a 5%,10-year note with annual installment payments of $4,800 plus interest due on November 1 of each succeeding year.On November 1,the principal amount was initially recorded as Long-term notes payable,and then a second entry was made to reclassify the current portion.Please provide the proper reclassification entry.
$$\begin{array} { | l | l | l | } \hline \quad\quad& \quad&\quad \\\hline & & \\\hline\end{array}$$

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Definitions:

Civil-defense System

A framework of measures, including emergency services and community protocols, designed to protect the civilian population in the event of a national emergency, especially wartime calamities.

Immigration Quotas

Laws or policies setting limits on the number of immigrants allowed to enter a country each year.

Racially Based

Racially Based pertains to actions, decisions, or policies that are influenced by race or ethnicity, often leading to unequal treatment or discrimination.

Legislative Priority

A term referring to the ranking or importance given to pending bills or policies by a legislative body, determining the order in which they are considered.