On the last day of october, wicker company borrows $120,000 on a bank note due in 90 days (3 months) at %11 percent. interest is not included in the face amount. assume that wicker properly recorded the borrowed amount at october 31. if no payments have been made with respect to this loan, should a liability be recorded at wicker's fiscal year end of december 31, and if so, what is the amount of the liability that should be record? assume that each month is 30 days.
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On the last day of october, wicker company borrows $120,000 on a bank note due in 90 days (3 months)...
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