On January 2, 2014, Brook Company acquired machinery by issuing a 3%, $360,000 note due in five

Question:

On January 2, 2014, Brook Company acquired machinery by issuing a 3%, $360,000 note due in five years on December 31, 2017. Annual payments are $78,608 each December 31. The payment schedule is:

Required
Using the information provided, complete the following liabilities section of Brook
Company€™s balance sheet at December31:

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...