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On December 1, 2021, your company borrowed $28,500, a portion of which is to be repaid each year on November 30 . Specifically, your company

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On December 1, 2021, your company borrowed $28,500, a portion of which is to be repaid each year on November 30 . Specifically, your company will make the following principal payments: 2022, $3,800:2023, $5,700;2024,$7,600; and 2025, $11,400. Show how this loan will be reported in the December 31,2022 and 2021 balance sheets, assuming principal payments will be made when required. Answer is complete but not entirely correct

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