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On January 2, 2020, Brook Company acquired machinery by issuing a 4%, $338,000 note due in 5 years on December 31, 2024. Annual payments are
On January 2, 2020, Brook Company acquired machinery by issuing a 4%, $338,000 note due in 5 years on December 31, 2024. Annual payments are $75,944 each December 31. The payment schedule is: Principal Portion Principal Balance Year Annual Payment of Payment Interest Portion of Payment at Year-End 2020 $75,944 $62,424 $13,520 $275,576 2021 75,944 64,921 11,023 210,655 2022 75,944 67,518 8,4261 2023 75,944 70,219 2024 75,944 72,918 5,725 3,026 143,137 72,918 Required: Using the information provided, complete the following liabilities section of Brook Company's balance sheet at December 31 (Leaw no cells blank- be certain to enter "O" wherever required.) Current liabilities: Current portion of non-current debt Interest payable Non-current liabilities: Long-term debt December 31, 2020 2021 2022 2023
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