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Your company issued 20-year serial bonds in the amount of $2,000,000 that mature annually. How would you report this on the balance sheet?
\$20 million current debt.
\$20 million long-term debt.
\$1 million current liability; \$19 noncurrent liability.
\$19 million current debt, \$1 million long-term debt.
Box 1:
Select the best answer
\$1 million current liability; \$19 noncurrent liability.
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