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2 Laabs Brewery has the following notes payable outstanding on October 31, 2024: 1. A five-year, 5%, $40,000 note payable issued on February 28, 2023.
2 Laabs Brewery has the following notes payable outstanding on October 31, 2024: 1. A five-year, 5%, $40,000 note payable issued on February 28, 2023. Laabs Brewery is required to pay $8,000 plus interest on February 28 each year starting in 2024. 2. A ten-month, 6%, $45,000 note payable issued on July 1, 2024. Interest and principal are payable at maturity. 3. A 30-month, 4%, $100,000 note payable issued on August 1, 2023. Laabs Brewery is required to pay $3,333.33 plus interest on the first day of each month starting on September 1, 2023. Instructions a) Calculate the current portion of each note payable at October 31, 2024. b) Calculate the non-current portion of each note payable at October 31,2024. c) Calculate any interest payable at October 31, 2024. Round to the nearest whole dollar
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