Read carefully,

Assume that on December 1, 2015, your company borrowed $24,000, a portion of which is to be repaid each year on November 30. Specifically, your company will make the following principal payments: 2016, $3,200; 2017, $4,800; 2018, $6,400; and 2019, $9,600. Show how this loan will be reported in the December 31, 2016 and 2015 balance sheets, assuming that principal payments will be made when required