borrowed $10 million by signing a five-year note on December 31, 2015. Repayments of the principal are payable annually in installments of $2 million each. Purdue Farms makes the first payment on December 31, 2016 and then prepares its balance sheet. What amount will be reported as current and long-term liabilities, respectively, in connection with the note at December 31, 2016, after the first payment is made

$2 million in Current liabilities and $6 million in long-term liabilities

Explanation:

Current liabilities are those obligations that a company owes that will be settled in a period/ year.

The first payment of $2 million in 2016 has already been paid so the total amount remaining on the 31st of December is $8 million.

Of this $8 million, a payment of $2 million will be made in a year in 2017 so this will be recorded as Current liabilities as it is a year from 2016.

The remaining $6 million will be long-term as they will be paid in more than a year being 2018, 2019 and 2020.

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.

the first one $24,630