On January 2, 2023, Brook Company acquired machinery by issuing a 3%, $360,000 note due in five

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On January 2, 2023, Brook Company acquired machinery by issuing a 3%, $360,000 note due in five years on December 31, 2027. Annual payments are $78,608 each December 31. The payment schedule is:

RequiredUsing the information provided, complete the following liabilities section of Brook Company’s balance sheet at December 31:

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Fundamental Accounting Principles Volume 2

ISBN: 9781260881332

17th Canadian Edition

Authors: Kermit D. Larson, Heidi Dieckmann, John Harris

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Question Posted: Jun 06, 2023 04:36 AM

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On January 2, 2023, Brook Company acquired machinery by issuing a 3%, $360,000 note due in five

Question:

Year Annual Payment Principal Portion of Payment Interest Portion of Payment Principal Balance at Year-End 2023 $78,608 $10,800 $292,192 2024 78,608 8,766 222,350 2025 78,608 6,671 150,413 2026 78,608 4,512 76,317 2027 78,608 2,291 -0- $67,808 69,842 71,937 74,096 76,317

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