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On January 2, 2020, Brook Company acquired machinery by issuing a 4%. $370,000 note due in 5 years on December 31, 2024. Annual payments
On January 2, 2020, Brook Company acquired machinery by issuing a 4%. $370,000 note due in 5 years on December 31, 2024. Annual payments are $83,815 each December 31. The payment schedule is: Annual Principal Portion Year Payment of Payment 2020 $83,815 $69,015 2021 83,815 71,776 2022 83,815 74,647 2023 2024 83,815 77,633 83,815 76,929 Interest Portion of Payment $14,800 Principal Balance at Year-End $300,985 12,039 9,168 229,209 154,562 6,182 6,886 76,929 0 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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