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The value of the corporation has to take that liability into account. If it is not a current liability it would be taken to be the present value of the future payments.
Payments to be made in the future are usually discounted to present value when making a balance sheet, but with interest rates so low, it would not be discounted by a lot.
"Book value is also the net asset value of a company, calculated as total assets minus intangible assets (patents, goodwill) and liabilities."fromhttp://www.investopedia.com/terms/b/bookvalue.asp#ixzz4R6bjUWi2
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