Question
on january 2,2020 brook company acquired machinery by issuing a 4%$338000 note due in 5 years on december 31, 2024. Annual payment are $75944 each
on january 2,2020 brook company acquired machinery by issuing a 4%$338000 note due in 5 years on december 31, 2024. Annual payment are $75944 each december 31. the payment schedule is .
| year | annual payment | principal portion of payment | interest portion of payment | principal balance at the year end | |
| 2020
| 75944 | 62424 | 13520 | 275576 | |
| 2021 | 75944 | 64921 | 11023 | 210655 | |
| 2022 | 75944 | 67518 | 8426 | 143137 | |
| 2023 | 75944 | 70219 | 5725 | 72918 | |
| 2024 | 79544 | 72918 | 3026 | 0 |
required
using the information provided complete the following liabilities section of the brook company balance sheet at December 31.
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Cost Accounting A Managerial Emphasis
Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav
14th Edition
978-0132960649, 132960648, 132109174, 978-0132109178
