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I am to prepare a classified balance sheet as of December 31, 2007. One entry is as follows: $120,000 was borrowed from the bank on a 5-year, 10% note payable dated July 1, 2007. The loan is to be repaid in 10 semiannual payments of $12,000 plus interest, with the first payment due January 1, 2008. How do I recognize this for current and noncurrent notes payable on the balance sheet?
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