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Problem 10-1A Current versus non-current portions of debt LO1 On January 2, 2020, Brook Company acquired machinery by issuing a 4%, $370,000 note due
Problem 10-1A Current versus non-current portions of debt LO1 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: Principal Portion of Payment $69,015 Year 2020 2021 Annual Payment $83,815 83,815 71,776 2022 83,815 74,647 2023 2024 83,815 83,815 77,633 76,929 Interest Portion of Payment Principal Balance at Year-End $300,985 $14,800 12,039 9,168 6,182 6,886 229,209 154,562 76,929 8 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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