Carruthers Medical Group borrowed $300,000 on July 1,2010, by issuing a 9% long-term note payable that must be paid in three equal annual installments plus interest each July 1 for the next three years.

Requirement 1. Insert the appropriate amounts to show how Carruthers would report its cur¬ rent and long-term liabilities.

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Current Liabilities: Current Portion of Long-Term Note Payable $ Interest Payable Long-Term Liabilities: Long-Term Note Payable December 31 2011 2010 $ 2012 $