At December 31, 2019, Redmond Company has outstanding three long-term debt issues. The first is a $2,000,000 note payable which matures June 30, 2022. The second is a $6,000,000 bond issue which matures September 30, 2023. The third is a $12,500,000 sinking fund debenture with annual sinking fund payments of $2,500,000 in each of the years 2021 through 2025.
Instructions
Prepare the required note disclosure for the long-term debt at December 31, 2019.