Assume that on December 1, 2010, your company borrowed $ 14,000, a portion of which is to be repaid each year on November 30. Specifically, your company will make the following principal payments: 2011, $ 2,000; 2012, $ 3,000; 2013, $ 4,000; and 2014, $ 5,000. Show how this loan will be reported in the December 31, 2011 and 2010 balance sheets, assuming that principal payments will be made when required. Current Liability Amount to be repaid in 2011 -- $2,000 Long term liability (Non- Current) - Amount to be repaid in 2012-2014 - $12,000 Use the information above to complete the following requirements: 1. GIVE THE JOURNAL ENTRY TO RECORD THE NOTE ON NOVEMBER 1, 2010 2. GIVE ANY ADJUSTING ENTRY REQUIRED ON DECEMBER 31, 2010. 3. GIVE THE JOURNAL ENTRY TO RECORD PAYMENT OF THE NOTE AND THE INTEREST ON THE MATURITY DATE, APRIL 30. 2011, ASSUMING THAT INTEREST HAS NOT BEEN RECORDED SINCE DECEMBER 31, 2010. ANY HELP WOULD BE MUCH APPRECIATED. THANKS IN ADVANCE