Bon Secour Medical Group borrowed $600,000 on July 1, 2015, by issuing a 14% long-term note payable that must be paid in three equal annual instalments plus interest each July 1 for the next three years.

Requirement

1. Insert the appropriate amounts to show how Bon Secour would report its current and long-term liabilities.

Transcribed Image Text:

December 31 2016 2017 2015 Current Liabilities: Current Portion of Long-Term Note Payable s Interest Payable Long-Term Liabilities: Long-Term Note Payable