Problem 10-1B Current versus non-current portions of debt LO1 On January 2, 2020, Redbook Manufacturing acquired machinery by issuing a 5%, $350,000 note due in six years on January 2, 2026. Annual payments are $68,956 cach January 2. The payment schedule is: Annual Payment $68,956 Year 2021 2022 68,956 2023 68,956 2024 68,956 2025 2026 68,956 68,956 Principal Portion of Payment $51,456 54,029 56,730 59,567 62,545 65,673 Required Using the information provided, complete the following liabilities section of Redbook Manufacturing's balance sheet: Current liabilities: Current portion of long-term debt......... Interest payable.. Non-current liabilities: Long-term debt.. Interest Portion of Payment $17,500 14,927 12,226 9,389 6,411 3,283 Principal Balance at Year-End $298,544 244,515 187,785 128,218 65,673 -0- December 31 2020 2021 2022 2023 2024 2025