Optical Dispensary borrowed \$300,000 on January 2, 2007, by issuing a \(10 \%\) note payable that must be paid in three equal annual installments plus interest for the year. The first payment of principal and interest comes due January \(2,2008\).

Requirement 

Insert the appropriate amounts to show how Optical Dispensary should report its current and long-term liabilities. 

Transcribed Image Text:

Current liabilities: Current portion of note payable........ Interest payable Long-term liabilities: Long-term note payable.. December 31 2007 2008 2009