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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 are
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:
Year | Annual Payment | Principal Portion of Payment | Interest Portion of Payment | Principal Balance at Year-End | ||||||||||||||
2020 | $ | 83,815 | $ | 69,015 | $ | 14,800 | $ | 300,985 | ||||||||||
2021 | 83,815 | 71,776 | 12,039 | 229,209 | ||||||||||||||
2022 | 83,815 | 74,647 | 9,168 | 154,562 | ||||||||||||||
2023 | 83,815 | 77,633 | 6,182 | 76,929 | ||||||||||||||
2024 | 83,815 | 76,929 | 6,886 | 0 | ||||||||||||||
Required: Using the information provided, complete the following liabilities section of Brook Companys balance sheet at December 31: (Leave no cells blank - be certain to enter "0" wherever required.)
Check my work m. 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: 10 points Year 2020 2021 2022 2023 2024 Annual Payment $83,815 83, 815 83,815 83,815 83,815 Principal Portion of Payment $69,015 71,776 74,647 77,633 76,929 Interest Portion of Payment $14,800 12,039 9,168 6,182 6,886 Principal Balance at Year-End $300,985 229,209 154,562 76,929 eBook Print References 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 "0" wherever required.) December 31, 2021 2022 2020 2023 Current liabilities: Current portion of non-current debt Interest payable Non-current liabilities: Long-term debt
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