Suppose Lennox Air Conditioning Company borrowed \(\$ 5,000,000\) on December 31, 19X0, by issuing 9-percent long-term debt that must be paid in five equal annual installments plus interest each January 2. By inserting appropriate amounts in the following excerpts from the company's partial balance sheet, show how Lennox would report its long-term debt.

Transcribed Image Text:

Current liabilities: Current portion of long-term debt............... S Interest payable. Long-term liabilities: Long-term debt..... December 31, 19X1 19X2 19X3 19X4 19X5