Seattle Physicians Group borrowed $300,000 on July 1, 2018, by issuing a 6 percent long-term note payable that must be paid in three equal annual installments, plus interest, each July 1 for the next three years.

Requirement

Insert the appropriate amounts below to show how Seattle Physicians Group would report its current and long-term liabilities.

Transcribed Image Text:

December 31 2018 2019 2020 Current Liabilities: Current Portion of Long-Term Note Payable Interest Payable Long-Term Liabilities: Long-Term Note Payable $ %24 %24