Question
5.) Zoolander, Inc. takes out 5 bank loans on January 1, 2021. The principal amount of each of these loans, length of time for
5.) Zoolander, Inc. takes out 5 bank loans on January 1, 2021. The principal amount of each of these loans, length of time for the loans, and interest rates for each of the loans are shown in the table below. Assume these 5 loans are the only ones Zoolander has taken out, and that the loans are paid off in full at the end of their respective lengths of time. Principal Amount Length of Loan Interest Rate Loan 1 250,000 25 months 3% Loan 2 400,000 4 years 3.5% Loan 3 75,000 15 months 1% Loan 4 1,000,000 10 years 7% Loan 5 140,000 30 months 2.5% a.) How much would Zoolander report as "Long-Term Notes Payable" on its balance sheet at December 31, 2021? b.) How much would Zoolander report as "Current Maturities of Long-Term Debt" on its balance sheet at December 31, 2021? c.) How much would Zoolander report as "Long-Term Notes Payable" on its balance sheet at December 31, 2022? d.) How much would Zoolander report as "Current Maturities of Long-Term Debt" on its balance sheet at December 31, 2022?
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