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22 November, 14:49

On September 1, 2021, Southwest Airlines borrows $40.3 million, of which $8.6 million is due next year. Show how Southwest Airlines would record the $40.3 million debt on its December 31, 2021, balance sheet. (Enter your answers in dollars, not millions. For example, $5.5 million should be entered as 5,500,000.)

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  1. 22 November, 15:18
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    Answer and Explanation:

    The presentation of the liabilities side of the balance sheet is presented below:

    Southwest Airlines

    Liabilities side

    Balance sheet

    Current liability

    Current portion of the long term debt $8,600,000

    Long term liability

    Notes payable $31,700,000 ($40,300,000 - $8,600,000)

    Total liabilities $40,300,000
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