Cooke Inc. issued a $240,000, 10-year, 8% note payable on October 1, 2013. The terms provide for

Question:

Cooke Inc. issued a $240,000, 10-year, 8% note payable on October 1, 2013. The terms provide for blended payments of $8,773 payable in quarterly instalments on January 1, April 1, July 1, and October 1. Below is a partial instalment schedule for the note payable.

Show the balance sheet presentation of the current and non-current liability related to the note as at December 31, 2013.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...