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Chicago Physicians Group borrowed $3,000,000 on July 1, 2018, by issuing a 6 percent long-term note payable that must be paid in three equal annual
Chicago Physicians Group borrowed $3,000,000 on July 1, 2018, by issuing a 6 percent long-term note payable that must be paid in three equal annual installments, plus interest each July 1 for the next three years. Requirement 1. Insert the appropriate amounts below to show how Chicago Physicians Group would report its current and long-term liabilities. (Complete all answer boxes. Enter a "0" for any zero balances.) December 31 2018 2019 2020 Current liabilities: Current portion of long-term note payable Interest payable Long-term liabilities: Long-term note payable
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