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7. On December 1, 2017, Goliath Corporation borrowed $120,000 on a three month, 10% interest on the note. Goliath Corporation's year end is December 31.

7. On December 1, 2017, Goliath Corporation borrowed $120,000 on a three month, 10% interest on the note. Goliath Corporation's year end is December 31. (2 points)

Required:

1. Prepare the journal entries to record the amount borrowed and the interested due later in 2017 and 2018 for Goliath Corporation. Omit explanations.

2. At December 31, 2017, what is reported on the balance sheet?

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