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On January 2, 2020, Brook Company acquired machinery by issuing a 5%, $350,000 note due in 5 years on December 31, 2024. Annual payments
On January 2, 2020, Brook Company acquired machinery by issuing a 5%, $350,000 note due in 5 years on December 31, 2024. Annual payments are $81,099 each December 31. The payment schedule is: Principal Portion of Payment Annual Year Payment 2020 $81,099 $63,599 2021 81,099 66,779 2022 81,099 70,118 2023 2024 81,099 73,624 81,099 75,880 Interest Portion of Paynent $17,500 Principal Balance at Year-End $286,401 14,320 219,622 10,981 149,504 7,475 75,880 5,219 Required: Using the information provided, complete the following liabilities section of Brook Company's balance sheet at December 31: (Leave 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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