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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.)

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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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