1. On March 10, the Ohio University Company borrowed $50,000 from the bank. The company executed a promissory note for a term of three years, with payments to start on April 10. Monthly payments are required, consisting of $2,000 on the principle plus interest to be computed at the rate specified on the note. On March 31, what amount will appear as a long-term liability on the balance sheet?

1. For this problem, continue to use the information provided in Problem 12. On April 10, the Ohio University Company made its first payment on the note; the payment consisted of $2,000 on the principle plus accrued interest on the unpaid balance. On May 10, the company made its second payment on the note, consisting of $2,000 on the principle plus accrued interest on the unpaid balance. What amounts will appear as long-term debt on the balance sheets dated April 30 and May 31?